Housebuilder sees falling profits as more rent
Housebuilder Persimmon today (August 21st) announced a 64 per cent slump in profits as more people choose to rent property.
The York-based firm said that it has also cut 2,000 jobs in order to cope with the current downturn in the housing market and economy.
Figures show that pre-tax profits for the six months to June 30th 2008 fell 64 per cent to £100.9 million.
Charles Church from Persimmon said that the current economic conditions and the uncertainties surrounding the financial markets meant that a return to the normal housing market could take a while.
In the meantime, more people in the UK are continuing to rent flats and houses in London.
"Until we see an improvement in respect of these factors it is difficult to predict the short term future with confidence," Mr Church said.
Persimmon statistics show that the number of homes sold by the firm fell almost a third to 5,501 over the period.
Published 21st August, 2008
© 2008 Estates IT Limited
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Housebuilder Persimmon today (August 21st) announced a 64 per cent slump in profits as more people choose to rent property.