UK housebuilder confident in 'subdued' market

UK housebuilder Persimmon today said interest rate hikes had begun to hit the property market as it posted a 45% rise in half yearly pre-tax profits to £220.3m (€327.6m).

The group, based in York, England said the housing market had become more subdued as a result of the recent increases in the base rate to 4.75%.