Builder Persimmon hails strength of UK economy

Housebuilder Persimmon has credited the “resilience of the UK economy” for helping drive an 11% surge in forward home sales since the start of the year.

The group, which has developments across Scotland, said total forward sales, including legal completions, had leapt to £2.6 billion, up from £2.3bn a year earlier.

Its weekly private sales rate is running 12% higher since the end of February, bringing the total of homes sold so far in 2017 to 8,928 at an average selling price of around £229,500.

The group said: “Persimmon’s operational performance continues to be excellent, with the group delivering higher volumes of newly built homes in local communities across all our regional markets.”

Meanwhile, rival builder Taylor Wimpey is setting aside £130m as part of plans to help customers trapped in onerous leasehold contracts in which ground rents double every 10 years.

Following a review of lease agreements struck over the past decade, the company also issued an apology for the “unintended financial consequence and concern” for what MPs have dubbed the “PPI of the housebuilding industry.”