Enough About Persimmon!!

895cxi

After reading all these stories about the big bad house builders,let me try to let you know my experiances.
I'm 36 years of age and am living in my third Persimmon home.
Yes there have been one or two issues, but surely a house builder building 17000 houses a year with a multinational workforce can make a mistake, however these problems have been sorted!!
People seem to expect a house to "roll off" a production line and have the same standards as a car.......... Hello... You lot have seen what the british weather can do...You have tried to get a plumber to call,to do a good job and charge you a reasonable price?...Tried to get your own piece of land to build your dream house on for a fair price... well lets be fair house builders like Persimmon need to deal with this every day!!!
Oh and the profits, I've looked at this, Persimmon made 585 Million in 2007, thats a lot, in fact its a 21.8% margin.Well done, its nice to see a british company do well and I bet all of you out there who work in the support industries all enjoy the spin offs!!! New beds,new furniture,New carpets, the list goes on and on.
Now we are in the down turn and I, like you lot dont want our houses to looses too much value and I guess that neither do the house builders

Kez100

My house can lose as much value as it likes - well, anything up to 85% so long as it's in line with the rest of the market. Then I can trade up handsomely and my children may stand a chance of buying somewhere in 10 years time.

poppy10_2

Kez100 wrote: »

My house can lose as much value as it likes - well, anything up to 85% so long as it's in line with the rest of the market. Then I can trade up handsomely and my children may stand a chance of buying somewhere in 10 years time.

But how would you pay off your mortgage?

Say you bought your house for £200k with a £190k mortgage.

Prices crash by 50%. Your house is worth £100,000, but you still have a £190,000 mortgage.

You want to trade up to a house that was £400,000 but is now £200,000. But you have no equity to use as a deposit, and you can't remove the existing mortgage on your house unless you pay off the mortgage - how would you do that?

Trollfever

Persimmon cheerleaders may like to buy their shares as they can only go up!

http://corporate.persimmonhomes.com/psn/investor/share/chart/

poppy10_2

Trollfever wrote: »

Persimmon cheerleaders may like to buy their shares as they can only go up!

http://corporate.persimmonhomes.com/psn/investor/share/chart/

PWNED! :rotfl:

Incisor

895cxi wrote: »

After reading all these stories about the big bad house builders,let me try to let you know my experiances.
I'm 36 years of age and am living in my third Persimmon home.
Yes there have been one or two issues, but surely a house builder building 17000 houses a year with a multinational workforce can make a mistake, however these problems have been sorted!!
People seem to expect a house to "roll off" a production line and have the same standards as a car.......... Hello... You lot have seen what the british weather can do...You have tried to get a plumber to call,to do a good job and charge you a reasonable price?...Tried to get your own piece of land to build your dream house on for a fair price... well lets be fair house builders like Persimmon need to deal with this every day!!!
Oh and the profits, I've looked at this, Persimmon made 585 Million in 2007, thats a lot, in fact its a 21.8% margin.Well done, its nice to see a british company do well and I bet all of you out there who work in the support industries all enjoy the spin offs!!! New beds,new furniture,New carpets, the list goes on and on.
Now we are in the down turn and I, like you lot dont want our houses to looses too much value and I guess that neither do the house builders

Just so we know where you are coming from, do you or any relatives have a financial interest in Persimmon?

m00m00

895cxi wrote: »

After reading all these stories about the big bad house builders,let me try to let you know my experiances.
I'm 36 years of age and am living in my third Persimmon home.
Yes there have been one or two issues, but surely a house builder building 17000 houses a year with a multinational workforce can make a mistake, however these problems have been sorted!!
People seem to expect a house to "roll off" a production line and have the same standards as a car.......... Hello... You lot have seen what the british weather can do...You have tried to get a plumber to call,to do a good job and charge you a reasonable price?...Tried to get your own piece of land to build your dream house on for a fair price... well lets be fair house builders like Persimmon need to deal with this every day!!!
Oh and the profits, I've looked at this, Persimmon made 585 Million in 2007, thats a lot, in fact its a 21.8% margin.Well done, its nice to see a british company do well and I bet all of you out there who work in the support industries all enjoy the spin offs!!! New beds,new furniture,New carpets, the list goes on and on.
Now we are in the down turn and I, like you lot dont want our houses to looses too much value and I guess that neither do the house builders

slow day in the Persimmon press office then ?

Kez100

poppy10 wrote: »

But how would you pay off your mortgage?

Say you bought your house for £200k with a £190k mortgage.

Prices crash by 50%. Your house is worth £100,000, but you still have a £190,000 mortgage.

You want to trade up to a house that was £400,000 but is now £200,000. But you have no equity to use as a deposit, and you can't remove the existing mortgage on your house unless you pay off the mortgage - how would you do that?

The clue was in the numbers. My house is worth 400k - and falling! My mortgage 60k. I'd have no problems unless it fell more than 85% as I said. To be honest I probably won't move but I'll be happy youngsters can afford to buy again.

If I did want to move I would need at least another 100k to move to anything worthwhile and as far as I am concerned that is mad levels of borrowing increase for a slightly better property. Much prefer to move up the ladder for 25k.

geoffky

There is a strong rumor going round that one of the big builder is in trouble....most of them are canceling new build phases and it looks bleak out there for them..check out share prices its frightening..

thriftybabe

Quite a few actually! Pay offs last week in a major housebuilder in Scotland. I know of more that are going to happen shortly. Housebuilder has closed the west side of its branch to merge with the east with staff going. The cards are beginning to fall. My OH is getting a lot more phone calls from Sub-contractors looking for work and there is not a lot about. Any school leavers look for Apprenticeships will also suffer. We have a few on our books and may have to look at letting them go.

Jonbvn

Sorry, but a single post OP singing the praises of the UK largest builder seems suspicious to me.

BTW, we live in quite a wonderful Persimmon NB, but that does not mean I would recommend anyone consider buying a NB at the moment.