By Daniel Hunter
We reported yesterday (Monday) that the rapid growth of the UK's housing market was starting to show a positive effect for housebuilder Bovis, as it revealed a 166% rise in half-year profits. Today there is further evidence of that as Persimmon has reported a 57% increase in its half year profits.
The housebuilder said profits for the six months to 30 June were £208.9million, up 57% from the £132.9m for the same period last year.
New home sales were up by 23% in the period, compared with 5,022 last year. As you might expect considering the plethora of data on rising house prices, the average price for a home built by Persimmon was 4.3% higher than last year, up from £179,199 to £186,970.
Despite the "traditionally slower summer trading weeks", Persimmon chief executive Jeff Fairburn said sales were around 9% higher than last year in July, indicating sustained growth in sales and profits for the second half of the year.
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