Persimmon dodges lull with a profits leap

There was no sign of a summer lull for Britain’s biggest housebuilder as it posted a 57% profit jump today.

Persimmon reported pre-tax profit for the half year up to £212.9 million and said it has sold 6408 new homes in the six months to July.

The York-based group, which builds homes outside the capital, said trading was strong even in the “traditionally slower summer trading weeks”.

Chief executive Jeff Fairburn said he was encouraged by the “private sale reservation rate”, which is up 9% since 1 July against the same period last year.

He said the government’s Help to Buy shared equity scheme had helped sales with half-year revenue up 33% to £1.2 billion. Visitor numbers to its sites are running ahead of last year’s levels while cancellation rates are at the lowest for years.

But the latest house price survey today was below expectations. The average UK house price rose by 10.2% in the 12 months to June to reach a record high of £265,000, said the Office for National Statistics, below the expected 11.2%.