Persimmon Homes took advantage of the price boom and made a profit at the pre-pandemic level.

Persimmon reports profits of almost £ 1.9 billion in the first half of 2021.

Persimmon sales surged above pre-pandemic levels in the first half of 2021, as tax cuts and the British home price boom continued to benefit home builders.

The UK’s largest homebuilder said on Thursday that revenue reached £ 1.84 billion in the first six months of 2021, surpassing the £ 1.75 billion recorded in the same period in 2019. Persimmon’s sales had fallen to £ 1.2 billion during the first half of 2020.

The housing industry had feared financial difficulties in 2020 when home sales were temporarily blocked during the UK’s first national closings. However, the government quickly intervened to prevent falling house prices, announcing an emergency cut in the stamp duty holiday.

“Thanks to the SDH, house prices reached new highs.”

The tax cuts triggered a boom in home prices, with demand in some areas also driven by people looking for more space to work from home. Government data suggests that median house prices in the UK rose 8.9% over the year to April 2021, although more recent figures from Halifax, a mortgage lender, and suggested prices may have fallen in June when some of the stamp tax cuts expired.

The median price of homes sold by Persimmon was £ 258,200, 4.9% higher in the first half of 2021 than in 2020. It completed sales of 7,406 homes during the half, up from 4,900 in 2020 and just fewer than 7,584 completed in 2019.

“House price growth is mitigating the upward pressure on the industry cost basis,” Persimmon said in his statement to the stock market. He also said that he was selling houses 20% faster than in 2019.”

The stamp duty reduction is set to end in full as of October 1, and some analysts expect prices to fall relatively steeply by the end of the year. However, with the housing shortage, builders have expressed confidence in continued demand. Smaller home builders Redrow and Vistry Group said Wednesday they were selling homes faster than in the previous two years.

Persimmon said: “The fundamentals of the UK housing market remain favorable with low interest rates, improved levels of mortgage availability, continued government support,, and strong customer demand.”

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