StockMarketWire.com - Homebuilder Berkeley reported a fall in first-half profit as it sold fewer homes and prices declined.

For the six months ended 31 October, pre-tax profit fell 31% to £401.2m on-year and revenue fell 41.3% to £931m.

The homebuilder sold 1,389 homes, down from 2,027,at an average selling price of £644,000, down from £740,000.

'The reduction in profit before tax ... was anticipated and reflects the completion of a number of Central London developments acquired in the period from 2009 to 2013,' the company said.

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