No End to Crunch As Persimmon Feels Pinch ; Building

Evening Standard - London › January 09, 2008

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Summary

PERSIMMON, Britain's biggest housebuilder by stock-market value, today revealed it entered the new year with forward sales down by 14%, confirming fears that the credit crunch is set to run.

"From September on, we were affected by the credit crunch and the events at Northern Rock, which had a very clear effect on consumer confidence," said chief executive Mike Farley.

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Extract

No End to Crunch As Persimmon Feels Pinch ; Building

He is now pinning his hopes on interest rate cuts stimulating demand in time for the key spring new homes selling season. He said:...

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