Despite signs of recovery coming in both from the housing sector as well as the overall economy, UK's third largest house builder, Berkeley, reported a fall in earnings while reporting its interim figures on Friday. Pre-tax profits, as confirmed by the company, slipped to 52 Million Pounds compared to last year's figure of 79.6 Million Pounds.

In addition, the builder also recorded a fall of 25% in its average sales for the first half of the current fiscal year to 299,000 Pounds, while revenues dropped by 36% to 290 Million Pounds.

In the 6 months up-to October 31, Berkeley sold 914 units, a substantial fall from the units recorded for the same period last year which stood at 968.

"These are unspectacular results. But we've worked very hard for them and the market won't allow us to do anything spectacular", said the company's Managing Director Rob Perrin.

Despite the decline in earnings, Berkeley has shared plans to invest about 150 Million Pounds in new land before the current year end, which includes the 50 Million Pounds worth if funds raised by the February share placing.