Optimistic Persimmon sees better times ahead

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"Volumes are increasing week by week," said chief executive Mike Farley who said cancellations have fallen to 16% against 35% in the worst of the market.

"We are encouraged and we have found we are ahead of ourselves with forward sales in the second half of around £700 million against £650 million at the same time last year."

It's just as well. Revenues in the first half of 2009 crashed 37% to £625 million as Persimmon shifted 4006 properties at, on average, 4% lower prices. In 2007, Persimmon sold 7200 homes in the first six months.

Farley warned any pent up demand may yet be foiled by the credit market.

"We remain cautious about mortgage availability as we still see the mortgage market as constrained," he said.

The group, over £1 billion in debt 15 months ago, has cut borrowings to £495 million.