Doom and gloom has hovered over much of the UK housebuilding sector for months. The industry has shed thousands of jobs: more are expected if sales fail to pick up this autumn. Many housebuilders have stopped acquiring land - usually their largest single outlay. In addition, most have cut the rate at which they finish properties on existing sites to a trickle.

But the housebuilder Persimmon brought some cheer to the market when it said on Thursday it thought conditions were beginning to stabilise.