Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
REAL ESTATE SECTOR
Persimmon (PSN LN) issued a positive 4Q23 trading stmt today as some light evident at end of UK housing tunnel.
- Weekly net sales up to 0.41 in 4Q23 (from 0.28 a year ago), total annual sales target beaten and commentary alludes to "particularly strong delivery" in the final quarter. Also noted build costs moderating - equity is trading +3% this morning against UK equities flat-to-down.
- PSN isn't a major credit name (at all), neither are peers Barratt (BDEV LN), Taylor Wimpey (TW/ LN) or Berkeley (BKG LN) so no direct read-throughs but we'd note that some of the macro indicators are improving.
- UK housing transactions had a weak Summer season but have shown a relatively improving trend into the (seasonally-weaker) Winter months. UK house price declines have started to slow (see graphic) and recent price moves have seen 2Y fixed mortgages now available close to 4% (Santander, for example, took 82bp off its 2Y product today). Industry data was showing 2Y fixes at 5.28% in Nov-23.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok