Persimmon sees annual profit halve and warns 2024 will ‘not be easy’

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The group said the housing market is set to “remain subdued” and “challenging” in 2024, with little sign of a pick-up ahead of a general election and with interest rates still at their highest since the 2008 financial crisis. With interest rates expected to remain at current levels and a general election on the horizon, market conditions are expected to remain subdued throughout 2024 Persimmon Persimmon said: “With interest rates expected to remain at current levels and a general election on the horizon, market conditions are expected to remain subdued throughout 2024.” Chairman Roger Devlin said: “While demand remains high, affordability and mortgage availability has been difficult for many of our customers, especially first-time buyers. Enhanced competition in the mortgage market and wage growth have contributed to improved affordability albeit it continues to be constrained Persimmon The group said build costs have eased back to around 3%-5% in 2024. Persimmon said: “Enhanced competition in the mortgage market and wage growth have contributed to improved affordability albeit it continues to be constrained, particularly for first-time buyers, and demand for homes remains varied across the country.