Housebuilder Berkeley halts buying land amid “unprecedented” surge in costs and red tape

Berkeley said that, as a result, it “does not believe it can make its required rate of return on investment in new land acquisitions. This is due to the continuous increase in the tax and regulatory burden on residential development, which other land uses do not experience, allowing them to pay higher land values. Where residential transactions have been taking place, land prices have been overheated.