The City of Berkeley said residential transaction volume is “down by approximately one-third” compared to a year ago.
One of the country's largest housebuilders said in its first-half trading report: “While there has been some upside in recent weeks, a meaningful recovery will depend on continued improvement in consumer confidence and the broader macroeconomic outlook. We need environmental stability,” he added. 
“We therefore welcome the government’s growth mandate and brownfield-led housing plan to solve problems in the planning system and deliver 1.5 million new homes over the next five years.”
“Indeed, the strength and tone of the government’s approach to housing is already reinvigorating the planning system.”
The company's statement said Chancellor Keir Starmer described his government's plans to build 1.5 million homes over the next five years as “ambitious” and that achieving that target over the next five years was an “almighty challenge”. The announcement was made the day after adding that it would be.
In the past five years, the country has built about 1 million housing units.
Mr Barclay also illustrated the scale of the “challenge” by pointing out that housing starts in London had fallen to just 8,450 homes in the year to the end of June, according to the Housing Authority's latest quarterly figures.
He added, “This is comparable to the government's new annual target of 80,000 people for the metropolitan area.''
However, the builder said: “We are now working closely with all levels of government to quickly translate this positive momentum into economically viable planning consents, enabling more investment and on-site delivery. , this takes time.”
“We also continue to respond to very important changes to the Building Regulations and the establishment of a new industry regulator. This necessary change will bring uncertainty as it takes hold, leading to delays and additional costs. It also comes with risks.”
The company made pre-tax profits of £275m in the six months to October, down 7.7% on the same period last year.
But the company said it was on track to meet its profit outlook for 2025 and 2026 and announced a new 10-year strategy, including plans to spend £2.5bn on land.
Berkeley shares fell 0.7% to 4,138 pence in late afternoon trading.
