Housebuilder Persimmon has reported another big jump in profits as it continues to benefit from helpful conditions in the new homes market.
- Credit: Archant
Housing recovery is good news for Persimmon
The York-based builder, which trades as Persimmon Homes, Charles Church and Westbury Partnerships, said legal completions jumped 17% to 13,509 last year, with averaging selling prices up 5.3% to £190,533.
Its profits lifted 44% to £475 million after rising by nearly 50% the previous year. Revenues improved 23% to £2.6 billion in 2014, a performance influenced by stronger lending by the major mortgage providers and the impact of the Government’s Help to Buy scheme on demand.
Persimmon said it had also made an encouraging start to 2015 with current total forward sales of £1.49 billion, 5% ahead of the previous year.
The company said the market returned to more balanced conditions in the second half of 2014, although it added that the Chancellor’s reduction of stamp duty on house purchases for the majority of home buyers was supporting sentiment and reducing costs for potential buyers.
You may also want to watch:
Chairman Nicholas Wrigley said: “Despite some uncertainty arising from the General Election in May, the ongoing gradual improvement in the UK economy and increasing mortgage lender support provides a supportive backdrop for the new homes market.”
During the last year Persimmon opened 185 new sites and the company said it is optimistic of launching a further 120 new sites in the first half of 2015.
- 1 First look at £10m Sudbury garden centre revamp
- 2 'I can't carry it' - Shock as plant starts growing eight inches a day
- 3 WATCH: 'Selfish' drug-driver ploughs into police detective's vehicle
- 4 QPR trigger buy-out clause to sign Dozzell for £1m
- 5 Gill has 'no regrets' over Norwich to Ipswich switch
- 6 'I'll always have love for Ipswich, but it was time to move on' - Dozzell signs for QPR
- 7 If your surname is on this list you could be sitting on a fortune
- 8 Mum of 'beautiful' Lily calls for young people to have their hearts tested
- 9 Tim Hortons restaurant in Ipswich given green light
- 10 Teenage county lines drug dealer handed suspended prison sentence
It owned or controlled about 87,700 plots of land for future development at the end of 2014, having acquired 26,822 plots of new land on 156 sites last year.