Persimmon house sales up by fifth as it cuts debt

Persimmon's sales are about 20% higher this year than in 2009 as the property market improves, the housebuilder said today.

Britain's largest housebuilder by market value reported ahead of its annual general meeting that total sales including legal completions since January were £1.15 billion. It said trading was not being affected by uncertainty surrounding the general election.

Persimmon said weekly sales volumes had been steady over the past month and that each of its sites had received a regular number of weekly visitors since January. It was positive on the rate of conversion from viewings to reservations for houses.

Net debt stood at £265 million at the end of March, compared with £680 million at the same time last year, and the firm said it expected a further reduction of debt.

The FTSE 250-listed company said it had opened 50 sites in the first quarter and planned to start work on 40 in the second. It said it would look to use new sites to improve margins.

Britain's housing market picked up this month with prices 2.6% higher than in March despite a rise in supply, property website Rightmove said this week.