NuGen Properties

Persimmon lifted by strong fourth quarter

Persimmon chief executive Dean Finch

A trading update from Persimmon reveals that it built 9,922 new homes in 2023, which is 33% fewer than its 14,868 completions in 2022 but ahead of earlier expectations (9,500), thanks to a busier than expected fourth quarter.

Current forward sales are holding firm at £1,060m, up 2% on £1,040m a year ago.

Chief executive Dean Finch said: “Persimmon performed well in challenging market conditions, delivering completions ahead of expectations in 2023 alongside enhanced quality metrics of our already five-star homes. Persimmon’s offering is resonating well with customers with sales rates relatively robust throughout the year. We have successfully balanced our need to control costs, whilst investing in the business to position it for sustainable growth when conditions improve.”

He added: “We saw a sustained pick up in interest in our homes throughout the year from the lows of Q4 2022, albeit with demand lower than previous years as a result of high interest rates and the removal of Help-to-Buy. Overall, average private net sales were 0.58 per outlet per week for the year (2022: 0.69). This includes a strong improvement in private net sales rates in the fourth quarter at 0.41 per outlet per week (excluding investor deals) compared with 0.28 in Q4 2022.”

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