Persimmon results reflect resilient housing market

Persimmon Homes has released its half-year report to July, revealing an optimistic outlook, benefitting from a resilient housing market.

The half-yearly business report states: “The [housing] market remains confident”, which is backed by continued demand for new build properties.”

The housebuilder said that its regional offices “remain confident and consumer sentiment is resilient” and that inflation rises were being “mitigated by healthy employment levels”.

Persimmon reports that the housing market is still holding itself well amongst uncertain economic forecasts, markets, and political turmoil, which revealed with customers not experiencing problems when raising funds to buy homes.

The Company sees that mortgage lenders were approving high numbers of applications, with similar levels of loans awarded to the same period last year.

Jeff Fairburn, Group Chief Executive, said: “The successful execution of the Group’s long term strategy continues to support excellent trading results as seen again in the first half of 2017. Our focus on meeting market demand to deliver high quality sustainable growth in each of our 29 regional businesses is delivering excellent outcomes for our customers, our shareholders, and all our stakeholders.”

Laith Khalaf, senior analyst at Hargreaves Lansdown stockbrokers, said: “The latest results from Persimmon have a bit of swagger about them, and well they might, with profits rising by almost a third despite a slowdown in economic growth.”

Future plans revealed in the report see Persimmon looking to consolidate its position, while increasing build activity to “reach our optimal scale in each of our regional markets.”

The housebuilder will continue to invest in the management of build programmes and improve the availability of newly built homes.

 

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