13 January 2026
If you are covering Persimmon’s 2025 trading statement, please find comments below from Oli Creasey, head of property research at Quilter Cheviot:
“The key headline in Persimmon’s trading statement this morning is full‑year completed sales of 11,905, which is 12% ahead of 2024 and 5% above consensus expectations. This is a solid result given the uncertainty that surrounded the UK housing market in Q4 following the Government’s November budget. The company also reported a 4% increase in average selling price, outperforming national house‑price indices.
“Persimmon has reiterated guidance for FY25 and expects underlying profit to be at the top end of market expectations. Consensus sits at around £430m, roughly 9% higher than 2024, implying the potential for double‑digit profit growth in 2025. Operating margin guidance of c.14.2% is broadly unchanged from last year.
“There is, however, a note of caution. The outlook for 2026 points to steady but unspectacular growth. Management guided to just over 12,000 completions, representing only 1% growth versus 2025, which may disappoint investors given the company’s confident 2025 beat of 5% versus expectations. The order book is described as ‘robust’, and management notes that mortgage rates are improving, though affordability remains challenging. One headwind is softer bulk purchasing, with signs of weakness in the build‑to‑rent market during Q4 2025. Nevertheless, Persimmon expects profit before tax to rise by around 8% in 2026.
“Ultimately, 2025 is looking like being a good year for Persimmon, and cautious guidance for 2026 may prove to be groundwork to exceed those expectations later in the year.”
