Britain's largest housebuilder Persimmon has reported strong profits and said the recent interest rate rise has had little impact on the market.
Profits before one-offs rose 16% to £271.5m ($514.6m) for the six months to 30 June, compared with £234.9m in 2005.
Persimmon said that the recent rise in interest rates had led to "no tangible effect on our business".
Turnover in the half-year was up 42% to £1.5bn, while home completions rose more than 38% to 8,226 units.
"Visitor levels to our sites remain good whilst volumes of sales reservations and revenues are ahead of last year"
The group added that its acquisition of Westbury - which it bought in a £664m deal in January - had helped the group to increase the number of completions.
It added the business had been integrated ahead of schedule and was expected to lead to savings of £30m during the current financial year.
Average selling prices also increased to £188,427 compared with £183,581 in the same period last year.
However, the company said that did not "expect to see significant selling price increases above those already realised this year".
'Healthy market'
"Visitor levels to our sites remain good whilst volumes of sales reservations and revenues are ahead of last year on a like-for-like basis," said chairman John White.
"For the majority of our homebuyers, decisions to move are driven primarily by their family dynamics and therefore we expect this healthy market to be sustainable."
But while the firm posted a 16% rise in profits before exceptional costs, the group was hit by a £15.4m reorganisation bill which left overall profits at £256.1m.
Looking ahead, Persimmon said it was in a "healthy position" to achieve its full year forecasts adding that sales revenues for the year to date were at an "all time high" £2.9bn.
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