Persimmon profits up as Help to Buy boosts mortgage market

Housebuiler Persimmon has seen pre tax profits up from £96.5m to £132.9m in the six months to June from the same period last year (release).

The firm said that Help to Buy had boosted mortgage approvals "providing the necessary medium term support to demand in the UK housing market".

Our economics reporter Michael Bird:

There are now over 10,000 mortgage products available in the UK again, the first five-figure result seen for nearly five years, with a third more on offer than there were 12 months ago, according to new information from the Mortgage Advice Bureau (MAB) today.

(Full article)

Nicholas Wrigley, chairman said:

During the first half of 2013 we have invested further in the business in support of increasing our future volumes.

In addition to good growth in sales and profits we have also reached our target margin range of 15-17% eighteen months ahead of plan. Our focus remains on the delivery of our long term strategy and we are well placed to continue to make good progress.