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AvoidDebt

Barrat:completions of homes in London had fallen by more than 50 per cent in the second half of 2016.

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The Times article about corruption scandal at Barrat. Contains a juicy insight into London collapse. 

However, his departure and the bribery allegations have cast a pall over the company at a time when it has resorted to selling London homes in bulk and cutting prices on luxury flats to combat a slowing property market in the capital. Two weeks ago it said that completions of homes in London had fallen by more than 50 per cent in the second half of 2016.

Met reveals more arrests in Barratt bribery investigation

An alleged cash-for-contracts scandal that has engulfed Britain’s biggest housebuilder went further than previously thought, the Metropolitan police said as it gave details of two further arrests at Barratt Developments.

http://www.thetimes.co.uk/article/met-reveals-more-arrests-in-barratt-bribery-investigation-05n3hfj5m

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Well now, this could become a really good story **grabs popcorn**

When they say completions had fallen by more than 50%, I wonder if they mean London in general or just Barratt Homes?

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4 hours ago, AvoidDebt said:

...it has resorted to selling London homes in bulk and cutting prices on luxury flats to combat a slowing property market in the capital. Two weeks ago it said that completions of homes in London had fallen by more than 50 per cent in the second half of 2016.

Doesn't this just mean they are curtailing supply (completions) because they can see the slowdown in demand? (In order to keep prices high.)

The only way this would help the people get affordable housing is if the government forced housebuilders to continue building through the period of slow demand. Unfortunately there is no incentive to do that, as there is no penalty for landbanking with no planning.

The "Leave it to the market" approach doesn't seem to have worked in the case of the housebuilders.

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Quote

Two weeks ago it said that completions of homes in London had fallen by more than 50 per cent in the second half of 2016.

So not exactly in line with the Conservative claims of more new homes being built.

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3 hours ago, darwin said:

Well now, this could become a really good story **grabs popcorn**

When they say completions had fallen by more than 50%, I wonder if they mean London in general or just Barratt Homes?

  1. SW5
  2. SW3
  3. SW7
  4. W4
  5. W6
Edited by Sancho Panza

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Not a scientific sample,but all transaction levels are near record lows.

SW3 prime example.Before 2007 average was circa 50 per month

Over the 6 months to Sept 16 they had 89 =average 14.

Knightsbridge was in single figures in Sept 16

Stamp duty changes were in April.

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7 minutes ago, Sancho Panza said:

Not a scientific sample,but all transaction levels are near record lows.

SW3 prime example.Before 2007 average was circa 50 per month

Over the 6 months to Sept 16 they had 89 =average 14.

Knightsbridge was in single figures in Sept 16

Stamp duty changes were in April.

 

So tragic it's funny

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Just now, darwin said:

So tragic it's funny

makes you wonder what the people sat in Foxtons offices are doing because they're clearly not selling houses.

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Oh to be a fly on the wall in one of Foxton's offices right now.  

My reaction would go something like this:

giphy-141.gif

Edited by darwin

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19 minutes ago, Sancho Panza said:

makes you wonder what the people sat in Foxtons offices are doing because they're clearly not selling houses.

They're making big fat juicy (and unjustifiable) fees off tenants who can be charged hundreds of pounds just for changing the date on a contract etc..... Oh, wait.

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2 hours ago, darwin said:

Oh to be a fly on the wall in one of Foxton's offices right now.  

My reaction would go something like this:

giphy-141.gif

Like it.

Although having paid Countrywide the best part of £600 for the privilege of giving one of their LL's our custom my attitude is more

 

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When the land is so expensive how can ordinary local workers afford to pay the extortionate price? they can pay for the bricks and most probably the labour but not the land, how and more importantly why did the same mud as everywhere else become so costly?.....streets of London paved with gold!???;)

 

https://en.wikipedia.org/wiki/London_streets_are_paved_with_gold

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3 hours ago, Sancho Panza said:

makes you wonder what the people sat in Foxtons offices are doing because they're clearly not selling houses.

Dabiling in shares ?

 

93.47GBX0.03 (0.03%)

 

You can;t loose on stocks and shares.

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Who pays for cash 4 contracts, you the purchaser.

Where else does the money come from, corners cut.

How do you know what corners have been cut, only time will tell.

Will the NHBC warranty cover it, no, it will always be somebody elses fault.

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