Berkeley Group Holdings PLC (LSE:BKG)'s sales are still running 25% behind earlier in the year, though prices are holding up, said the FTSE 100 housebuilder.
The trend is in line with its last statement, it added, suggesting the situation in the capital has not got any worse after the uncertainty caused by former prime minister Liz Truss's mini-Budget.
London-focused Berkeley reiterated guidance for this year to April of pre-tax profits of £600mln with an aggregate further £1.05bn forecast for the following two years based on current forward sales of £2bn.
Build cost inflation is showing early signs of easing, but Berkeley said it is still focused on cost control and maintaining operating margins, which means matching supply to demand and a cautious approach to releasing new phases of developments to the market.
Net cash at end-April 2023 is forecast to be £375mln.
Berkeley added it is working through cladding self-remediation issues with the government with the objective of meeting the 13 March deadline.
The group also called for a separate planning category to enable brownfield site developments to move forward more quickly.