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Carpetright Profit Warning

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I cant post a link but check out the carpet right profit warning! Sales have tanked ( tied to the low transaction housing market) and future pipeline inflation pressures are huge! No carpet gags?

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They're shagged.

Isn't carpetright considered a good indicator of the health of the UK (housing based) economy?

Edited by Pent Up

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Well, Lord Harris (Phil to his mates: Chairman and Founder) has made a pile (Groan) and now finds his company is no longer a runner.

More seriously, and quite obviously, White Van Man was rushing around such as the M25 fitting crap which was imported (Carpets, laminate flooring; boilers, bathrooms; kitchens; bedrooms; conservatories etc), on the back of MEWing: crazy consumer credit; people constantly moving and finding their equity made in a few years made them feel like millionaires (They suddenly had more capital than they ever seen in their lives). Instead of paying down their existing mortgage, they simply blew the equity and took out an even more stupid mortgage for their latest house acquisition: with the banks and mortgage providers falling over themselves to oblige.

People were buying another house and ripping out perfectly usable and functional kitchens, bathrooms, bedrooms etc and spurred on by the raft of house make-over crap progs on TV, Beaney, Krusty and the rest, tried to turn their junk Jerry-Built timber framed and stud-walled cookie cutter Barrat house into a slavish copy of Beckingham Palace. :lol:

Then off to Comet for the plasma screen TV: to crappo furniture for the latest rage in laminate board living: DFS for the Chinese leather suite (With free, no charge chemicals to make your skin fall off! :D ).

Anyone not noticed the paucity of White Vans driven by loons with bits of gutter pipe and ladder-racks on the roof?

It is then no wonder that Britain's Balance of Trade Deficit became turbocharged during Brown's Chancellorship (His Economic Miracle).

Now the stage coach has reached Reality Gulch: no easy credit: multiple retailers, dying; no easy house sales: no MEWing.

Still Ol' Phil has a few quid stuck away: he was Chairman of a certain multiple furniture retailer, Harris-Queensway: which went tits up in the last property debaclé.

Phil didn't lose much: but the poor saps who had paid up up front with forward delivery sadly did.

LInk

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Very good.

Edit: I imagine shareholders will be laminating lamenting this news. (Man, this is a tough one!)

Getting laid may have just become a thing of the past

Edited by Patfig

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clearly the underlaying fundamentals were not up to much...maybe the BoE could buy some of their quilt edged bonds to help out?

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People were buying another house and ripping out perfectly usable and functional kitchens, bathrooms, bedrooms etc and spurred on by the raft of house make-over crap progs on TV, Beaney, Krusty and the rest, tried to turn their junk Jerry-Built timber framed and stud-walled cookie cutter Barrat house into a slavish copy of Beckingham Palace. :lol:

The damage done to the environment is massive.

There must have been enough baths ripped out to stand end on end from here to the moon.

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The damage done to the environment is massive.

There must have been enough baths ripped out to stand end on end from here to the moon.

Here here.

Forget Global Warming, Climate Change and the rest: stud walling has a lot to answer for!

:lol:

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There must have been enough baths ripped out to stand end on end from here to the moon.

Therein lies a question - is the UK's housing stock of significant better quality as a result of the bubble? Put another way, are somewhat higher prices justified by the amount of improvements? Of course, no amount of improvements justify the current crazy prices and no doubt some of the renovation work done was flower arranging, but the question still stands.

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And I'm sure they would have taken even more of the market share with Allied carpets getting in trouble again a few years back.

Still think of all the horrid cheap laminate flooring that has to be changed to lovely carpet from all the repo BTL properties coming to the market soon. :)

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Therein lies a question - is the UK's housing stock of significant better quality as a result of the bubble? Put another way, are somewhat higher prices justified by the amount of improvements? Of course, no amount of improvements justify the current crazy prices and no doubt some of the renovation work done was flower arranging, but the question still stands.

In my experience the fixtures and fittings on these dun up places are chrome covered plastic or light fitting that go rusty after a few years.

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Therein lies a question - is the UK's housing stock of significant better quality as a result of the bubble? Put another way, are somewhat higher prices justified by the amount of improvements? Of course, no amount of improvements justify the current crazy prices and no doubt some of the renovation work done was flower arranging, but the question still stands.

Yes but no where near the amount sellers try to add on to the price, they seem to forget that houses need to be maintained and try to charge the next owner for it.

For example in Urban areas, Gas Central Heating is the expected default in my opinion (80+% of homes) not an added selling point they can charge for but they still try to hike the price like it is the 1970 when it was only in the minority of homes (~20%).

Ditto for double glazing now in the majority of homes but they still try to charge a premium.

The average (median) price should be based on the average (median) spec not the hasn't been touched in 40 years spec for average prices.

The property sections of the weekend broadsheets are no longer filled with the top 10 things to do to add value to your house as they couldn't find 10 items that did. For example the telegraph last time pronounced that conservatories now add ~ zilch value, as did adding a basement, they concluded that poorly designed / finished building works (extensions) did not add value.

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The Carpetright comparator leads the annual percentage change in the Nationwide UK 'all houses' price index by a month or so. The latest plunge in the shares implies Britain's house prices could soon be falling between 5-10% year-on-year.

Sounds about right to me.

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I cant post a link but check out the carpet right profit warning! Sales have tanked ( tied to the low transaction housing market) and future pipeline inflation pressures are huge! No carpet gags?

Not surprised.

Their market is on the floor.

Literally

:rolleyes:

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I cant post a link but check out the carpet right profit warning! Sales have tanked ( tied to the low transaction housing market) and future pipeline inflation pressures are huge! No carpet gags?

I'm surprised they didn't try to sweep such bad figures under the rug.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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