Great expectations for the autumn.

Persimmon confident of market stabilisation

Published:  13 July, 2009

YORK: Persimmon, Britain's biggest housebuilder, reported a stabilising of prices in the housing market.

Mike Farley, chief executive, said in a trading statement that the company had sold 4006 homes in the first six months of the year and that forward sales stood at £700m compared with £650m at the same time last year.

The company has seen year-on-year increases in sales volumes since the spring. Since May, monthly revenues have been ahead of 2008 levels, although for the first half as a whole they have fallen from £998m to £625m, Mr Farley said.

"We're coming into a quieter July and August period and the expectation is that the market will return in September, but we take nothing for granted," he said.

Persimmon's shares rose 27p to close at 3901/4p on the news, an increase of 7.4%, amid a wider rise in the house building sector that pushed up share prices by an average of 2.6%.

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