Persimmon reports sales increase

Housebuilder Persimmon reported a 20% increase in total sales for the year to date, including an 11% rise in volumes and more private sales saying it had sold £1.15 billion of homes so far this year.

Cancellation rates remain at historically low levels while Persimmon said it was pleased with the conversion of visitor numbers into reservations.

Persimmon said the steady growth came despite "continued uncertainty regarding the wider economic outlook and the forthcoming general election".

Shares rose 3% as investors welcomed the upbeat trading statement, which was issued ahead of the company's annual meeting in York.

The firm is currently operating from around 375 sites, having opened 50 outlets during the first quarter of the year. A further 40 sites are due to be opened in the current quarter.

Persimmon added: "These new site openings will provide us with the opportunity to secure some further price improvement and maintain sales momentum."