Shares in Persimmon (PSMMF) rose sharply on Wednesday after the U.K. home builder disclosed it has run out of completed houses to sell and downplayed the impact of Brexit.
The house builder said that trading had been encouraging throughout the summer months, in the immediate aftermath of the June 23 Brexit referendum, as it reported strong customer activity so far this fall "in line with the traditional seasonality" of the market.
In a short business update, Persimmon said third-quarter sales were up 19% on a year earlier, while forward orders were 4% ahead, at about £757 million ($931 million).
The company said, "We are now fully sold up for the current year...The market has continued to benefit from resilient consumer confidence and strong lender support."
The stock rose by as much as 2.4% to reach 1,775.0 pence, in early trading, on a day when much of the sector was in the red. The shares are down by about 13% so far this year, with most of those losses coming in the wake of the June referendum.
Almost all of the U.K.'s residential construction firms have reported steady or positive trading since the referendum.
Wednesday's figures from Persimmon came after the Nationwide's October house price index showed month-on-month growth in U.K. home prices stalling, with annual price growth slowing to 4.6% from 5.3%.
Robert Gardner, Nationwide's chief economist, said, "While the economic outlook is uncertain, solid labor market conditions and historically low borrowing costs should provide support to buyer confidence."