0920 GMT - Berkeley's continuing caution feels instructive, as the company has a strong reputation for being savvy in its calling of the ups and downs of the property market, AJ Bell analyst Russ Mould says in a note. The U.K. home builder can be relied on to deliver clear guidance and it is sticking with its long-term profit target and shareholder returns policy. A healthy cash pile provides a buffer to ride out the current difficult market conditions, Mould says. "Berkeley already announced plans to pare back production by 25% earlier this year and it still sees the market as quiet thanks to domestic uncertainty in the run-up to next month's Budget and the ongoing conflict in the Middle East," Mould says. Shares are down 0.2% at 3,286 pence.