Persimmon homes to stop building new houses...

gremlin

Six months ago i enquired about a new Charles Church (Persimmon) development and was told quite bluntly that the 250k I wanted to spend wouldnt get me any house on that development.

In the post today I got a 'personal invite' to an invitation only reception in their show home.:rotfl: :rotfl:

Looks like they're having to try a bit harder now.

ginvzt

Why don't we make a list of 'distressed' developments, so that fellow MSEers can go and get a bargain?

BenL

Do you think Persimmon will stop for a long time building houses?

If they are in £1bn of debt shouldn't they carry on building at the moment, sell the houses for a lower margin.

This mortgage/credit crisis and economic downturn is going to carry on. The estimates so far are about 2 years of this to come so they will be waiting a while a prices will be lower/buyers pickier about what they buy.

glen8

BenL wrote: »

Do you think Persimmon will stop for a long time building houses?

If they are in £1bn of debt shouldn't they carry on building at the moment, sell the houses for a lower margin.

This mortgage/credit crisis and economic downturn is going to carry on. The estimates so far are about 2 years of this to come so they will be waiting a while a prices will be lower/buyers pickier about what they buy.

knowing persimmons they will bury their heads in the sand and refuse to drop their price

Even if they were 2bn in debt they'd still refuse to discount

They seem to think they are better than everyone else, when in reality (based on internet research) they are one of/if not 'the' worst!!

LisbonLaura

ramellous1 wrote: »

I'm not having a go, but I don't get what you mean. When has this not been the case. Nobody was forced to pay any more than they were prepared to offer.

Quite right Ramellous. I did spot the simplistic flaw in my (non) argument........I was just too lazy to edit my rubbish..............................well, I am retired.

The scary part is just how easily controlled the majority are. Vast profits were being made by builders, banks operating NR sell-the-loan-on type operations, etc. yet it was all allowed to boom in a bigger way than ever before with even more sophisticated (criminal) VI bo**ocks to keep the lie going .................. & now those of us who didn't take part are expected to join in paying for the 'unexpected' failure of the whole Ponzi scheme :mad:
The machine has stopped, is falling apart, no one can stop it doing so, & it wont be repairable for many years.
Builders will now be calling for their debt to be socialised :mad::mad:

dunstonh

Nothing really new here except for them being vocal about it. There has been a persimmon board up on a site in our area for about 3 years now and they havent started on it and they wont now for a while.

clutterfrazzled

Re: Persimmon in particular

Whoever is in charge doesn't seem to have much business acumen - or even common sense - and I think a lot of their problems are down to cashflow.

In recent years Persimmon bought out a localised building firm who had built up a very large land bank. It was all agricultural land and the then owner bought it purely speculatively taking a very long term view, and short-term he'd got some very nice agricultural land he could rent out.

The areas of land had already been excluded from the the local towns expansion plans as being unsuitable because of the environment, traffic concerns, provision of utilites etc. etc. before Persimmon acquired them. These plans were approved after about 10 years of various proposals being considerd - including several public consultations where locals were actually listened to for a change and work is well underway on the approved areas.

Then Persimmon came along "after the event" and wanted all these plans to change so their land is developed! (I think they were laughed out of the planning department). So Persimmon bought a lot of land expecting a quick cash turnover, probably still owe money on it and now they are stuck with it. Mmmm I think the buck will have to stop somewhere at head office.

missJC_2

I am interested in the Northampton Bloomsbury shared ownership development by Metropolitain Housing Partnerships. Has anyone had any dealing with this company. I am constantly chasing the sales people who are rubbish !!

terrierlady

missJC wrote: »

I am interested in the Northampton Bloomsbury shared ownership development by Metropolitain Housing Partnerships. Has anyone had any dealing with this company. I am constantly chasing the sales people who are rubbish !!

How do they keep their jobs i wonder ,this climate will sort out the order takers from the true sales people and lets hope the ones that shine will be rewarded.
How are the sales people rubbish?

PRINCESSKERRY

ramellous1 wrote: »

It certainly does. Here is the property we are in for. Take 9k plus stamp duty off the asking price.
http://www.georgewimpey.co.uk/newhomes/North+Yorkshire/TheHawthorns/Faversham/
This is about 1/2 mile from Tony Blairs' old constituency home as well.

I know it is a bad time to buy but we have to get our (very) young family settled sooner rather than later. I know I am in the NE but it is far better value than that persimmon one above and I reckon blue collar jobs pay the same everywhere.

That is a lovely house, the same house in my area would be £299 -£334k. We have been looking at them and they are lovely but are just priced too high for normal wages in the south west, but they are selling by the looks of it.
This is a Wimpey site and there is not much left. I am selling a porperty but I do wish people would stop wanting these houses a bit more to slow the prices down, at present there isn't that much price dropping it seems.