Housebuilder Persimmon experiences strong profit growth

Wed, 19 Aug 2015

Housebuilder Persimmon experiences strong profit growth
Persimmon, one of the largest housebuilding companies in Britain, has seen its profits soar during the first half of this year, as first-time buyers with low budgets are targeted by the company.

From the start of the year to 30 June, its revenue was £1.33bn, up from the £1.2bn recorded last year. There have been 6,855 houses sold across the country.

Unsurprisingly, for the first half of this year, Persimmon's pre-tax profits were 31 per cent higher than the same period last year, reaching £272.8m. Last year their pre-tax profits were significantly less, at £208.9m.

The average selling price of homes built by Persimmon was £194,378, lower than rivals such as Bovis Homes, but slightly higher than the average house price in England and Wales.

"We see a strong demand for the end of the market with smaller properties. Our average selling price is up 4 per cent and we are really keen to make sure we have got levels of affordability," said Jeff Fairburn, Persimmon's chief executive.

"A big part of our market is the first-time buyer market. 56 per cent of our sales are under £200,000. Help to Buy is an important product for first-time buyers and first-time movers. We are keen to make sure we utilise that to best effect," he continued.
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