Berkeley has said it is on track to hit its target of increasing its pre-tax profit to £525m this year.

The housebuilder in a short update covering 1 May to 31 August , said trading has been “stable” in the first four months of its reporting year.

It is aiming to increase pre-tax profit for the year by 5%, as part of a plan to post combined pre-tax profit of nearly £1bn (£975m) over this year and next.