Persimmon Homes Reports 64% Increase in Profits Driven by Property Market Boom During Pandemic.

Persimmon Homes has had one of the best years in its history.

Homebuilder Persimmon has reported a 64% increase in profits during the first half of the year driven by the unlikely boom of Britain’s property market in the Covid-19 pandemic.

The UK’s largest homebuilder by market value said on Wednesday that it expected its sales to remain above pre-crisis levels, suggesting it would continue to generate money for investors even as the government removed subsidies for the market of the house.

Pre-tax earnings for the first half of 2021 increased to £ 480 million, up from £ 292 million during the same period last year.

York-based company FTSE 100 said its £ 2.2bn forward order book indicated demand would remain strong, including plans to sell some 6,500 homes at an average price of £ 253,000. “Customer inquiry levels remain strong and cancellation rates are in line with historical norms,” ​​he said.

The COVID-19 pandemic led to an excessive increase in the property market.

House prices have risen sharply since the start of the pandemic in early 2020 thanks in part to the government holiday on property tax in England and Northern Ireland. Historically low borrowing costs and years of limited new home construction have also supported prices.

The tax exemption, introduced by Chancellor Rishi Sunak, meant that buyers did not pay tax on the first £ 500,000 of the purchase price. The holidays lasted until the end of June, despite the rapid growth in house prices. The threshold at which the stamp duty begins was lowered to £ 250,000 on July 1, and on October 1 it will return to the pre-pandemic level of £ 125,000.

Persimmon said it completed 7,406 home sales at an average price of £ 236,199 in the six months to the end of June, a sharp increase from the 4,900 properties completed during the same period in 2020 when construction was halted during Covid’s first shutdown.

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