Berkeley Group, the UK's largest residential developer, has called for a reduction in stamp duty to stimulate the struggling new-build housing market.
The company warned that there is currently no prospect of material improvement in housebuilding activity without more decisive intervention from the government.
The appeal comes as Berkeley reported a decline in profits, reflecting the broader headwinds facing the sector.
The appeal comes as Berkeley reported a decline in profits, reflecting the broader headwinds facing the sector.
The developer's leadership emphasized that fiscal measures, specifically a cut in transaction taxes for homebuyers, are necessary to provide the stimulus required to restart market momentum.
This stance highlights the growing pressure on UK policymakers to address the stagnation in the housing supply chain.
With demand softening and construction activity slowing, major builders are increasingly looking to the Treasury for relief rather than relying on organic market recovery.