The number of homes built by Persimmon has dropped by more than a third.
The housebuilder completed 1,439 homes in Q3, down from 2,270 for the same quarter in 2022.
The 37% fall in completions was echoed by a fall in forward sales. Total forward sales for the quarter stand at £1.62bn, down 23% from £2.09bn for Q3 2022. Private forward sales fell further, by 35%, from £142bn to £930,000.
Group chief executive Dean Finch said: “While the near term is likely to remain challenging and we remain disciplined on costs, we continue to position the business for growth when the market recovers.”
As part of a group-wide recruitment freeze implemented earlier this year, Persimmon said its headcount was likely to decrease by about 700 during 2023.
Finch said: “Trading in the period was in line with expectations and pricing was broadly stable. We are on track to deliver around 9,500 quality new homes in 2023 with operating profit in line with expectations and at an operating margin similar to the first half.”
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