Shares in Persimmon fell more than 3% in early trading today as it said it expected build costs to rise 5% this year and was being “frustrated” by continuing planning delays.

The £3.3bn turnover builder, issuing a trading update for the period from July to yesterday, said private reservation rates were 16% above the level seen prior to the pandemic in 2019, a figure which puts reservation well down on the same period in 2020.