persimmon

Housebuilder Persimmon (LON:PSN) reported another half of steady growth on Thursday, on the back of “resilient” consumer confidence.

Revenues rose 5 percent to £1.84 billion over the first half of 2018, up from £1.75 billion in the same half last year.

Housing completions rose 3.6 percent to 8,072, with the average selling price increased by 1.2 percent to around £215,800 from £213,262 the previous year. This comes in comparison to Bovis Homes, who also released sales figures today, who saw the average selling price of their property fall over the period to £261,000.

“Consumer confidence remains resilient in our markets and attractive mortgage products provide compelling support to purchasers of new homes,” Persimmon said.

“Persimmon is still selling more houses at higher prices, but business is not booming like it was last year. Indeed the share price has fallen by more than 10 percent in the last month,” noted Laith Khalaf at Hargreaves Lansdown.

The group’s results come just after the disclosure that its chief executive, Jeff Fairburn,  is paid 3,000 times more than its lowest paid worker.

Shares in Persimmon are currently trading down 0.64 percent, at 2,466.00 (0954GMT).