Developer sees profits rise in capital.

(From Bath Chronicle)

Housebuilder Berkeley said a shortage of properties in London's prime spots will keep growth strong after sales rose by a fifth over the last year.

The London and the South East-focused group saw a 25.5 per cent increase in forward sales at the end of April to GBP813.5 million, with overseas and UK investors accounting for half of these.

The firm said there was still a shortage of quality new homes in areas with good infrastructure, transport and employment and in these places it has not been affected by mortgage shortages as 50 per cent of its customers do not need a loan.

Profits in the year to April jumped by 23.5 per …