Sales slowdown at Persimmon
YORKSHIRE-based Persimmon Homes, owner of Charles Church builders, which are involved in four developments on Teesside, said sales had slowed over the past two months.
Unveiling its full year results for 2007, Persimmon posted annual pre-tax profits of £585.1m, up from £582.1 during 2006 - well within the range forecast by the City - but there were clear indications that the market was getting tougher, said group chairman John White.
Although now on the rise, visitor numbers were down 13% compared to this time last year.
Sales cancellation rates were back to around 20%, compared to rates of over 30% during the autumn, but the firm’s order book was down to £1.05bn, compared to £1.3bn for the same time last year.
The property market showed signs of stabilising last month after figures revealed a surprise increase in mortgage approvals. At the same time, house prices fell for the fifth month in a row during February.
