Housebuilder's profits up 65% (From Halesowen News)

Housebuilder's profits up 65%

7:40am Wednesday 22nd August 2012 in Business Daily

THE regional managing director for a major housebuilder has welcomed a strong performance from the company in the first six months of the year and says demand in the region for new property remains high.

Richard Oldroyd, managing director for Persimmon Homes South Midlands, said the company had made “an excellent start” to 2012, with underlying profit for the group before tax up 65 per cent on last year at £98.7 million (2011: £59.7 million) and legal completions in the UK up six per cent to 4,712 (2011: 4,439).

“The start to the year has been extremely promising, with weekly private sales reservations up 18 per cent,” said Mr Oldroyd.

We are working hard to deliver new homes to people in the region, whether this is private housing through our brands Persimmon Homes and Charles Church or affordable homes through Westbury Partnerships,” said Mr Oldroyd.

“In the coming weeks and months we will open new developments in Redditch and Stratford and have already welcomed hundreds of visitors to our new show homes in Rugby, Worcester and Coventry.

“Although the UK housing market remains constrained by the reduced availability of mortgage credit, we are confident that schemes like the Government-backed five per cent deposit mortgage product NewBuy, now with new lower rates, should help affordability for our local house buyers.”