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Persimmon positive on 2010

UK housebuilder persimmon has confirmed that the outlook for 2010 is much more positive than 2009 with £500 million in sales already taken for next year. The order book looking forward is very healthy and the company is cautiously optimistic about the short, medium and long-term situation in the UK. However, there are potential problems on the horizon.

Persimmon, while being upbeat and positive on the UK property market, has also highlighted problems with high unemployment and mortgage liquidity as potential issues which could hold back economic performance in the short term. Despite signs that the UK property market, and indeed the UK mortgage market, are showing signs of "firming up", the shadow of rising unemployment continues to cause concern. The figure has increased over the last few months and is currently just under 2.5 million, although it has to be said that the rate of increase in unemployment is starting to slow.

Unemployment looks as though it will be the key to the short to medium term performance of the UK property sector and those monitoring this vital area of the UK economy would do well to keep a very close eye on the employment figures. Persimmon is cautiously optimistic but not overconfident!

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