Housebuilder Berkeley Group added three new sites to its land bank and contracts to buy two more between May and August.
In a statement ahead of its annual general meeting today, the group said it had acquired a 10 acre redevelopment in White City, a site in Battersea with planning permission for 456 flats and a scheme in West Sussex with consent for 69 homes. It also contracted to acquired two sites in Southall and Hornsey.
It said planning delays remained a hurdle to substantially increasing the supply of new homes despite the introduction of the presumption in favour of granting planning permission to “sustainable development”.
The group expected the gross margin on its land bank would be £3bn by the end of the financial year.
It sold 534 rented homes to investor M&G for £105.4m in June.
Additionally deputy chief executive of The Bank of East Asia Limited, Adrian Li, joined the board as a non-executive director replacing Alan Coppin who has been on the board since 2006 and is also a board member at paving maker Marshalls plc.