In a City trading update, the York-based group said first quarter performance was in line with expectations, with private sales rates ticking up and forward orders strengthening.

Net private sales per outlet edged up 3% to 0.76, while private forward sales climbed 7% to £1.8bn. Average selling prices also firmed, rising 5% to around £306,900.

But the house builder signalled a shift in cost dynamics, pointing to rising energy costs as a key inflation trigger likely to hit later this year.

Group chief executive Dean Finch said there were “early signs of increased inflationary pressure”, with supply chain costs expected to build into the second half of 2026 and into 2027.

Persimmon said it is moving early to contain the impact, leaning on long-term supplier relationships and its vertically integrated delivery model to keep a lid on build costs.

The business is also tightening internal cost controls and reviewing efficiencies across operations as part of a wider push to protect margins.

Despite the warning signs, the builder stressed there has been no material impact on trading or supply chain performance so far, with build programmes and sales rates holding steady.

The group added that more than half of its private homes for 2026 are already secured, alongside almost all housing association completions, giving it forward visibility as cost pressures emerge.

Persimmon expects to deliver between 12,000 and 12,500 completions this year, with pre-tax profit forecast to land in line with market expectations.