Persimmon profits boosted by Help to Buy

Wed, 26 Feb 2014

Persimmon profits boosted by Help to Buy
Britain's second biggest housebuilder has announced its profits have skyrocketed, thanks to the Help to Buy scheme.

Persimmon reported pre-tax profits of £337.1 million in 2013, compared with £218.2 million the year before, marking a considerable54 per cent jump.

In addition, the company reported its sale completions had risen by 16 per cent to 11,528,while the average selling price increased four per cent to £181,861. Forward sales - which are agreed but not completed - rose 41 per cent to £1.4 billion.

Chairman Nicholas Wrigley said: "Persimmon achieved a strong result for the year as we responded quickly to the increased customer demand."

He added how the firm entered 2014 with a "very strong" forward order book and he anticipated a further year of encouraging sales growth.

While the Help to Buy scheme has been accredited with boosting housebuilding rates, it has also been heavily criticised for creating a housing bubble. Many analysts have called upon the government's flagship housing policy to be diluted or stopped altogether. It is expected to come to an end in 2017.
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