The market reaction to the apparent collapse at the top end of the London market, as flagged up by Berkeley Group, tells you all you need to know. The shares ended off only 1.2 per cent. They fell more than 4 per cent on Tuesday, in the general market mayhem that day.
Reservations in the five months to May may well have been down by 20 per cent, but this reflects the entirely sensible decision to market no new projects in London in the run-up to the EU referendum. Berkeley, focused almost entirely in the southeast, says that price inflation is continuing on homes worth up to £1.25 million. Between that figure and £2 million, prices are flat. Above £2 million, there is some