Persimmon sales surge raises property hopes

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The firm said forward sales rose 7% in the first six months of the year and an even better 9% in the year to date as buyers returned to the market.

Chief executive Mike Farley said: "We have seen reasonable sales volumes through the normally quieter summer months which is encouraging.

"We are taking it day by day. It is encouraging where we are but we still have concerns about the mortgage market.

"It is very expensive to borrow at higher loan-to-values if you can get the products.

"We are also aware of the general economic condition and the impact of unemployment on the housing market."

Farley's comments came as Persimmon posted profits of £9.8 million for the first half of the year — just a fraction of the £36.9 million it made in the same period of 2008.

Legal completions fell from 5501 to 4006 while the average selling price fell 14% from £181,485 to £155,524.

The Persimmon boss said prices have now stabilised in most parts of the UK.

Debts were slashed from £905.5 million at the end of June last year to £494.2 million.