This from an industry publication;

"Berkeley's average house price in the latest six-month period has risen to ?399,000, higher than the previous figure of ?245,000 in the comparable period last year, thanks to 'cyclical thinking'.

Berkeley managing director, Tony Pidgley has won a reputation for out-guessing the peaks and troughs of the sector thanks, basically, to his vision of it being highly cyclical.

Two years ago Berkeley, and subsequently its shareholders, pocketed a huge sum by the selling off if its private housebuilding operation. The group was transformed into what it says is an "urban regeneration and residential property developer." Berkeley's interim results published today cover the six months to 31 October.

Mr Pidgley said: "In these market conditions, the most challenging for over 30 years, I am pleased to be in a position to report this robust set of results. Berkeley has always planned for a cyclical market and, with its strong un-geared balance sheet, is well placed to take advantage of the opportunities that will be presented in the future.

"We are concentrating on generating free cash flow and protecting the balance sheet. This builds the strength to withstand the more challenging times and to then take advantage of the opportunities that will follow. While I am pleased by these results, it is the cash generation of ?140m that is the outstanding feature of the performance in the period."

A summary of Berkeley's balance sheet shows no debt; no land write-downs; net cash of ?140m and ?810m of cash due on forward sales. Customers acquiring properties as an investment remain active and represent over 50% of Berkeley's sales in the first half of its financial year."