New build home sales not hit by rate hikes

New build home sales not hit by rate hikes

Monday, February 26, 2007

Home buyers were not put off buying new homes by recent interest rate hikes said Britain’s biggest house builder.

Announcing a 17.5% rise in pre-tax profits today, Persimmon said the housing market remains strong and it has not seen any fall-off of buyer confidence.

Persimmon also announced a 50% increase in the year's dividend payout and said overall housing demand was well underpinned by a secure job market and economy.

It has been a demanding year during which the market has remained healthy and competitive, said the firm. A buoyant start to 2006 was followed by a slight slow down in April. An atypical resurgence during the traditionally quieter summer months still needed the selective use of incentives, especially for first time buyers, and the market remained competitive towards the end of the year.

"The beginning of the year [2007] has started well despite the unexpected rise in interest rates, and to date we have achieved a good level of reservations and have not experienced any loss of purchaser confidence as a result of this rate increase.” The company said in a statement.

Profits for 2006 were £582.1m, up from £495.4m on the year before and just above analyst forecasts.

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