Overview
- Berkeley reiterated £450 million pre-tax profit for the year to September and guided to a similar outcome next year despite constrained trading.
- The company said the Iran war is weighing on risk sentiment, with potential for higher near-term inflation and interest rates staying higher for longer.
- Moneyfacts reported average mortgage rates have moved above 5% as HSBC UK, Barclays, Santander, Halifax and Lloyds raised pricing, with 530 deals withdrawn this week.
- Brent crude is near $100 a barrel, sharpening energy-led inflation pressures highlighted by the OBR, which says sustained prices could add about one percentage point to UK inflation this year.
- ONS data showed UK GDP was flat in January, and property stocks showed strain, with Savills falling despite reporting solid results.