But that is how housebuilder Berkeley delivered its latest trading update saying current performance is in line with the board's expectations for both the half-year and full-year but added that sales so far have been 50% lower than average levels.

The group also said it has agreed to restructure the final £3 a share, which was due to be returned under a scheme of arrangement. It will be returned as a series of dividend payments and opportunistic share buy-backs, as opposed to a single B share payment, with the target end-date deferred from January 2011 to January 2014.

"This provides Berkeley with the flexibility to take advantage of the opportunities that emerge in times of weaker market conditions," it said.

Since the beginning of its current financial year, Berkeley has experienced sales levels approximately 50% below the historical average. "This is a level that, with the benefit of the strong opening forward sales position, will enable the group to meet its strategic objectives," it said.