Housebuilder Persimmon has reported a massive plunge in property sales during the first half of the year.

The company's pre-tax profits dropped 64% to £100.9 million, down from £281 million in the same period.

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The number of houses sold by Persimmon fell by almost a third over the period due to the slump in mortgages, and the number of first-time buyers fell from 17% to 10%.

John White, Group Chairman said: "The business has performed well in very difficult conditions. We are confident that our business, having been restructured, is in a strong position to move forward whenever the market improves."

(CD/NS)