Wimpey has reported better than expected annual profits of £450.7 million, a rise of 19%. Wimpey shares pushed up 6% to 445p prompting share increases for other big players in the housebuilding sector. Wimpey chief executive Peter Johnson said the situation was encouraging. “We appear to be looking at a stabilisation of house prices or a low increase,” he said. Wimpey’s increased profits were achieved through cutting costs and a selective land buying policy. It also announced that it will be calling a halt to part exchange deals and sticking to simpler, less risky incentives such as paying stamp duty for buyers or offering free carpets and curtains. Johnson said the value of part exchange deals on Wimpey’s books had fallen from £25.6 million to £9 million at the end of last year.