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Guest The_Oldie

Chairman Of Persimmon

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Guest The_Oldie

Chairman of Persimmon will be interviewed in about half an hour ie about 08:00 re their results.

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Chairman of Persimmon will be interviewed in about half an hour ie about 08:00 re their results.

Just been on Radio 4.

Sales down (I believe by 19%)

30% cancellation rate end of last year now returning to a more normal 20%?

Good quality buyers this year who now understand the new lending criteria!

Foot fall increasing week by week.

Obviously painted the best picture he could but sounded pretty dire.

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Pretty lame stuff.

More visitors...wooooo shame its not a theme park.

Less cancellations... yep that hump of cancellations was people blundering in, and waking up to the reality of the credit reprice. Now people aren't even getting that far.

Ah but apparently we still have demand outstripping supply. On what factual measure is this chestnut trotted out, do people even know anymore?

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On Radio 4 he said something like "visitor numbers are down but the ones who visit are better quality and are aware of the tightened lending criteria".

He finished with "it's not all bad news and interest rates will be coming down".

I guess the ONS can not bother turning up for work today; Persimmons has just told them that inflation is dropping.

Edited by Paddles

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On Radio 4 he said something like "visitor numbers are down but the ones who visit are better quality and are aware of the tightened lending criteria".

He finished with "it's not all bad news and interest rates will be coming down".

I guess the ONS can not bother turning up for work today; Persimmons has just told them that inflation is dropping.

Yes, and increased Tractor production has led to record grain harvests too. The guy is an idiot, the interests rate can do what it wants, the reality is that the banks are increasing SVR's on a weekly basis; something that hasn't been seen since.... now let me think ;)

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Oh, just remembered something else he said, "there's been no significant price cuts yet".

I think the key word there is the last one. Let's see if that statement holds true in April when that 31% drop in mortgages filters through, shall we?

Edited by Paddles

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Guest The_Oldie

He said that sales were bad in the autumn but improving now.

This seems to be a pattern for the VIs, talk up the market and then refer to past weakness which were frantically denied at the time.

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He said that sales were bad in the autumn but improving now.

This seems to be a pattern for the VIs, talk up the market and then refer to past weakness which were frantically denied at the time.

It's called the "We have fixed the small problem" stage, if I remember correctly.

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Guest DissipatedYouthIsValuable
Pretty lame stuff.

More visitors...wooooo shame its not a theme park.

Less cancellations... yep that hump of cancellations was people blundering in, and waking up to the reality of the credit reprice. Now people aren't even getting that far.

Ah but apparently we still have demand outstripping supply. On what factual measure is this chestnut trotted out, do people even know anymore?

It, like many facts these days, is based on the 'Blair function'. It's made up ******** to cover your **** and suit your agenda until you can ****** off with the loot.

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Imagine if he had been honest and said, "It's dire - buyers are few and far between and we're discounting like mad to get sales." Result? Pandemonium.

Existing sales pulled, buyers trying to re-negotiate the price and, almost every buyer taking a 'wait and see' approach.

Asking the chairman of a housebuilder how the housing market is completely pointless. You know what he's going to say before he opens his mouth.

Of course what can't speak, can't lie - or distort - or put a spin on things. Let's see the figures next year.

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Ah but apparently we still have demand outstripping supply. On what factual measure is this chestnut trotted out, do people even know anymore?

That´s quite easy. They stop working on a new development and decide to put the show house up for sale. They then have 2 people wanting to buy the show house and hey presto, demand exceeds supply! :lol:

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Imagine if he had been honest and said, "It's dire - buyers are few and far between and we're discounting like mad to get sales." Result? Pandemonium.

Existing sales pulled, buyers trying to re-negotiate the price and, almost every buyer taking a 'wait and see' approach.

Asking the chairman of a housebuilder how the housing market is completely pointless. You know what he's going to say before he opens his mouth.

Of course what can't speak, can't lie - or distort - or put a spin on things. Let's see the figures next year.

That's a very fair point, we do tend to be a bit unrealistic with our expectations from these types of people. If my job was selling widgets and they had a 6 month sales cycle, I wouldn't be rushing to admit a slowing market in widgets. Which kind of begs the question "why do journalists interview these people at all?"

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Guest DissipatedYouthIsValuable
That's a very fair point, we do tend to be a bit unrealistic with our expectations from these types of people. If my job was selling widgets and they had a 6 month sales cycle, I wouldn't be rushing to admit a slowing market in widgets. Which kind of begs the question "why do journalists interview these people at all?"

Everyone trusts the important man in the suit who says something that is contrary to our experience, don't they?

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That's a very fair point, we do tend to be a bit unrealistic with our expectations from these types of people. If my job was selling widgets and they had a 6 month sales cycle, I wouldn't be rushing to admit a slowing market in widgets. Which kind of begs the question "why do journalists interview these people at all?"

Because they aren't journalists. Probably about 1% of the news is journalism nowadays. It's more profitable and much easier to just recount the VI spin than to actually expend any effort looking for the truth.

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Imagine if he had been honest and said, "It's dire - buyers are few and far between and we're discounting like mad to get sales." Result? Pandemonium.

Discounting like mad? Unlikely, not when they can throw in carpets, washing machines, plasma tv's, carpets, flooring and if that fails the latest technique in the ponzi scam to fool the Land Registry is to retain a certain amount of the alleged "value" and defer payment for 10 years. Oh and if its BTL, guarantee the rent for a year.

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You can forget these figures because.

1. Most of Persimmons sales are off-plan sales so the majority of these sales would have been from

6-12 months ago.

2. 6-12 Months ago was before the September credit crunch when dead people could get a mortgage.

3. Last week all the banks withdrew their 125% mortgages, and stopped giving mortgages to dead people.

4. Last week all the banks slashed their loan to values, and stopped giving mortgages to dead people.

5 This week mortgage leading fell 31% year-on-year. Not to shore if this had anything to do with the banks not giving

mortgages to dead people or not.

Anyway who cares so long as we can all still get a 36 day old chicken for £1.99 at Tesco.

Edited by time 2 raise interest rates

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  • 293 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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