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Housebuilder Admits They Would Have Gone Bust Without Help From Bank/government

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Tulloch homes.

Tulloch

"We could not have maintained our journey without the support of, principally, Lloyds Banking Group, who refinanced us in December 2009," he said

I do like this bit.

"There are signs of recovery within our sector but the availability of mortgages remains a significant challenge. We have supported the market from our own resources by making sure that equity packages are available to our customer base and this has been augmented recently by an offer of help from the Scottish Government, again on the shared equity provision.

"Most customers are trying to secure a house to live in, rather than speculate with, showing we are returning to the old maxim that we should live within our means."

Really ? So living within your means involves needing help from both the Government AND other shared equity packages. Aye right then. What a load of pish.

These builders should have gone bust. Their land/assets would have been sold off for a realistic price. Then a new/stronger/non debt laden company could have come in, built houses - and sold them for a lower price - that people could afford without ridiculous shared equity schemes - and STILL made a nice profit for the company.

Job done. Why is this country so stupidly over complicated with everything we do. :(

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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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