Kaki plum will reopen sales offices on May 15 under strict social distancing measures.
The group’s stores in Scotland will remain closed until further instructions from the government.
The British home builder has not sent its staff on vacation in the midst of COVID-19.
In an announcement on Thursday, Khaki (LON: PSN) said she had resumed about 65% of the construction work after COVID-19 led to a temporary shutdown. On May 15, the company added that it would also reopen sales offices with strict social distancing measures. In Scotland, however, Persimmon will keep all its sites closed for the time being.
Britain’s second largest house builder also emphasized on Thursday that it had completed 1,300 houses. According to the company, the cancellation figures in the 8 weeks that ended on May 10 also corresponded to historical trends.
New start of the housing market in England is imminent
The coronavirus pandemic, which has so far infected more than 229,500 people in the UK and caused over 33,000 deaths, has brought the housing market in England almost to a standstill in recent months. As Prime Minister Johnson’s government begins to ease restrictions, the housing market will get back on track and buyers and tenants will be allowed to move.
However, the leaders of Northern Ireland, Scotland and Wales have decided to retain the housing orders. According to Persimmon:
“The Group’s operations in Scotland will remain closed until the Scottish Executive provides further guidance from the Scottish Government on a timetable for the restart.
During the closure, which began in March, people were only allowed to move when it was reasonably necessary. However, the offices of estate agents and property inspections were completely closed to the public. According to CEO David Jenkinson of Persimmon:
“The urgent need for new homes was not alleviated by COVID-19, and the new measures announced by the government will reopen the housing market and allow people to move again.
Khaki has not laid off its workers because of COVID-19.
Despite challenges, the British home builder has not laid off its workers in the middle of the pandemic. Persimmon also announced that a pre-booked appointment is required for Thursday sales consultations.
The British company saw a 1.8% decline in pre-market trading on Thursday to 2,113 pence per share. At the time of writing this article, the share price has fallen further to 2029 pence per share, a decline from around 25% in 2020. In mid March it was reported that persimmon was trading at only 1,546 pence per share.
Performance in 2019, however, was quite optimistic with an annual profit of approximately 35%. The York-based home builder currently has a market capitalization of £6.47 billion and a price-to-earnings ratio of 7.62.
