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Persimmon

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The chap on bbc breakfast said persimmon had a market update today. Apparenty they built less houses? I have not read the trading statement but the bbc presenter said they were one of the biggest housebuilders.

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The chap on bbc breakfast said persimmon had a market update today. Apparenty they built less houses? I have not read the trading statement but the bbc presenter said they were one of the biggest housebuilders.

I take every opportunity to tell people how bad I think persimmon homes are. The customer service was shockign when I bought from them and would never recommend anyone go near any of their houses.

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The chap on bbc breakfast said persimmon had a market update today. Apparenty they built less houses? I have not read the trading statement but the bbc presenter said they were one of the biggest housebuilders.

That chap's name is Simon Jack. I nearly threw the remote at the tele when he presented this report this morning, explaining that "Buyers are having difficulty getting the mortgages they need"

FFS, nobody needs a mortgage, in the way that people need to breathe or ead or drink water ffs!! It's like saying everyone needs a porsche or a bentley.

Rant over.

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This from MSN Money:

"The group received £35 million of funding from the Government* under the FirstBuy scheme where the housebuilder and the state* stump up the deposit between them, the largest allocation given to a housebuilder under the scheme.

"It was launched because mortgage lenders have demanded bigger deposits, which is making it harder for first-time buyers to get on the property ladder."

*Taxpayer

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The BBC article on this "news" is hilarious.

BBC: Persimmon expects house prices to rise

5 July 2011 Last updated at 09:04

Housebuilder Persimmon has said it sold fewer houses in the first half of this year compared with same period in 2010, but expects the housing market to pick up over the rest of the year.

It also said that its average selling price in the period fell slightly, but that again it expected prices to rise over the full year.

Improvement in mortgage lending was the key to building more homes, it said.

It added that it continued to see a "modest improvement" in lending.

Prices 'firm'

The housebuilder said it had sold 4,439 homes in the first six months of the year, compared with 4,657 a year earlier.

However, it said sales were starting to improve and it expected to sell a similar number of homes this year as last.

Underlying prices "remained firm" for the year so far, the firm said. The average selling price was £162,000 against £168,936 in the first six months of last year, but this reflected a greater proportion of smaller houses being sold.

"We anticipate that our average selling price for the full year will increase as we legally complete more detached house sales," it said.

Last year, Persimmon made a pre-tax profit of £153.9m, almost double the £77.9m the company made in 2009. Revenues grew 10.5% to £1.57bn.

The average house sale price rose by 4% to £172, 475.

Last week, Nationwide said house prices in the UK had "moved sideways" in the past six months, and recent figures have suggested that mortgage lending remains subdued.

With a report full of things that have actually happened the BBC goes with a headline about something that hasn't. I'm going to have to grab my dictionary to ensure my understanding of the word "news" is correct.

Sentiment sentiment sentiment. Someone's worried.

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The BBC article on this "news" is hilarious.

BBC: Persimmon expects house prices to rise

5 July 2011 Last updated at 09:04

With a report full of things that have actually happened the BBC goes with a headline about something that hasn't. I'm going to have to grab my dictionary to ensure my understanding of the word "news" is correct.

Sentiment sentiment sentiment. Someone's worried.

Aren't they just :lol:.

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Of course they built less houses. The government is giving them less incentive to build by giving them a higher profit margin for building less houses. The First Buy schemes keep house prices inflated so they can maintain profits without needing to build more.

The government should be doing exactly the opposite and taxing them if they don't build enough houses. If their profit margins were lower they would have to build more houses to maintain profits. This of course would create more jobs.

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Bloomberg's take on it.

http://www.bloomberg.com/news/2011-07-05/persimmon-sold-fewer-homes-in-first-half-on-constrained-mortgage-market.html

Persimmon Sold Fewer Homes in First Half on ‘Constrained’ Mortgage Market

Persimmon Plc (PSN), the U.K.’s third- largest homebuilder by volume, said it sold 4.7 percent fewer homes in the first six months of the year as the mortgage market remained “constrained.”

Persimmon completed the sale of 4,439 homes compared with 4,657 a year earlier, the York, England-based company said today in a statement. That generated sales of about 715 million pounds ($1.2 billion).

“Conditions in the mortgage market are constrained, but we are seeing gradual improvements,” Chief Executive Officer Mike Farley said in an interview. “The industry is in talks with the Council of Mortgage Lenders about creating a 95 percent loan-to- value product.”

U.K. house prices fell for a second month in June as the growth in the supply of properties for sale outpaced demand, Hometrack Ltd. said last week. Mortgage advances fell 10 percent to 33 billion pounds in the first quarter from the previous three months, the U.K. Financial Services Authority said on June 21.

Persimmon expects a similar number of home sales for the full year. There will be increase in home sales in the second half as the company’s order book at June 30 was ahead of last year at 725 million pounds, the housebuilder said.

The operating profit margin for the period was 9 percent, compared with 8 percent a year earlier, and should reach typical industry levels of profitability about 15 percent in a “couple of years,” Farley said.

Persimmon fell 0.8 percent in London trading to 488 pence as of 8:22 a.m. local time. That cut the year’s gain to 17 percent.

Persimmon’s average selling price was 162,000 pounds in the first half compared with 168,936 a year earlier, as buyers bought smaller homes. That should increase in the second half with the sale of larger properties included in the order book, the company said."

Sounds like Persimmon are trying really hard to be optimistic about the future.

Where are the CML hoping to get the funding for these 95% mortgages again? The tax payer perhaps? :unsure:

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Was going to post something but I was confused with Ballymore. Mind they have mothballed a few projects in East London.

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With a report full of things that have actually happened the BBC goes with a headline about something that hasn't. I'm going to have to grab my dictionary to ensure my understanding of the word "news" is correct.

If it's any consolation they use the same approach for sport too. Yesterday the main headline in the sport section was "Djokovic backs Murray ambitions" with a story that amounted to one quote from Djokovic saying that Murray could improve his game.

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I take every opportunity to tell people how bad I think persimmon homes are. The customer service was shockign when I bought from them and would never recommend anyone go near any of their houses.

We went to look at a Persimmon housing estate last weekend, primarily out of curiousity to see what we'd get for our money compared to our 100 yr old, utterly solid house.

We got as far as the front door of the show house, did a 180deg turn and got back in our car. The quality of the brickwork was absolutely terrible, and the finish of the other external features such as the routing of guttering, sealing of gaps around the meter-box and vents was dire. And all for £100k more than the value of our current house, for something smaller and blatently built to last no longer than the 10yr NHBC guarantee.

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If it's any consolation they use the same approach for sport too. Yesterday the main headline in the sport section was "Djokovic backs Murray ambitions" with a story that amounted to one quote from Djokovic saying that Murray could improve his game.

:lol:

Still, at least we're not paying for this sh!t... :unsure:

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  • 309 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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