Persimmon plc (PSN.L, PSN LN)
Based in York, Persimmon builds 16,000 houses annually throughout the UK. The group is the third-largest UK builder by unit completions and is a member of the FTSE 250 Index. Persimmon operates under three main brands: Persimmon Homes, Charles Church and Westbury Partnerships. Persimmon Homes is the group's core product, operating across three regional divisions. This division accounted for 84% of all completions in 2007 split among the north (28%), south (29%) and central areas (43%). Charles Church operates from nine divisions, providing a range of exclusive up-market homes. This division delivered 2,579 houses at an average sales price of £257,000 in the year ended December 2007. The Westbury Partnerships business focuses on social housing in conjunction with Space4, Persimmon's timber frame manufacturing operation. This unit delivered 1,962 units in 2007 at an average price point of £86,072. The first-time buyer, social housing and buy-to-let investors account for roughly 18%, 12% and 8% respectively of all house sales, with the remainder accounted for by the move-up owner-occupier (i.e. a first/second/third time mover). Persimmon's target end-market is the owner-occupier, and 74% of completions fall into the standard home bracket. This includes detached houses, semi-detached houses and town houses. The balance is split between apartments (25%) and bungalows (1%).