Berkeley Group said it will report as much as cash in the first six months as the whole of last year, after it pegged back its investment plans.

In a trading update delivered at the up-market housebuilder’s AGM last Friday the housebuilder said it had brought forward more than 20 large residential schemes in London into development.

But it told investors that “like all responsible businesses at this time [we have] remained cautious in investing in new opportunities.