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Persimon started a development in my area last Summer, nineteen plots, prices from £209,000 (two years mortgage of up to £500 month, paid for two years) = £197,000. Only built thirteen, only sold one.

Last week they had an "open day" with prices from £159,000.

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doesn't look that severe to me.25% off weould be severe ish

"Just pay us back when you sell"? Crikey, that's nice of them. 25% of what you paid, or 25% of what you got when you sold...

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"pay us back when you sell" - mmm, why not just sell the house for what it's actually worth. This play on words is a win-win bet. They get to sell their overpriced rabbit hutch either way. Ba***rds.

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It says that you pay back 25% of what you sell it for giving the impression that they also take market risk. However, what it doesnt say is that they lock in 75% of what they think its currently worth, i.e. before further falls etc.

Good scam for them. They lock in 75% of todays "price", which is perhaps what it would be worth in 1/2 years time anyway. But they still get a further 25% of what its worth when it sells. Genius.

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These houses are only around 2m from the main road, opposite the village shops, where all the local chavs hang out. The only one sold is at the back of those pictured, completely dark and isolated. The wooden fencing surrounding the development is slowly being ripped down for firewood to keep the chavs warm on colder nights.

Linky.

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Persimon started a development in my area last Summer, nineteen plots, prices from £209,000 (two years mortgage of up to £500 month, paid for two years) = £197,000. Only built thirteen, only sold one.

Last week they had an "open day" with prices from £159,000.

The person who got on at 209K must be pissed.

Someone should sort out some interviews..... on all the papers, would kill the new build market deader than a george W bush look alike outside of the green zone in Iraq.

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Persimmons has a road show in Germany targetting squaddies

who have been out the country for the last couple of years

Was jumped on by a rep within 10 secs of stopping to look at the deals

:lol::lol::lol:

20 minutes later and she was asking my advice on emigrating to NZ

after running out of spin

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Several developers have offered me 30% off - that's in S England - and I don't have to repay a penny :lol::lol::lol: . Any twonks attracted by this deal deserve every single penny of negative equity heading their way.

Edited by gruffydd

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they're trying the same scam at Kennet Island, Reading (slave-box city, 100%. 5 miles out of town in an industrial estate - vibrant development my a*rse).

Also newbuilds in Brackell. "Jennet Park" - another catastrophe, tho prolly not as bad as Kennet Island.

As other posters said, they're trying to lock in the current valuation. I enjoyed the example at the end of the advert:

"What if I can’t repay the 25% within 10 years?

If cases of severe financial difficulty, we will look at the situation and the loan period may be extended up to a further 5 years.

For example: The purchase price is £160,000. You pay 75%, which equals £120,000. The house is later sold for £180,000. You pay Persimmon 25%, which equals £45,000. "

Note the assumed HPI of 15% :)

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it hard for builders to drop the price on the book.

if they do they are devaluing their stock price by the same %

so they will do ANYTHING to get it on at big ticket and hide the reduction.

its all got sooooo desperate.

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Persimmons has a road show in Germany targetting squaddies

who have been out the country for the last couple of years

Was jumped on by a rep within 10 secs of stopping to look at the deals

:lol::lol::lol:

20 minutes later and she was asking my advice on emigrating to NZ

after running out of spin

Parasites aren't they.

As if trying get FTB's to jump to their "financial" death by way of these stupid shared equity schemes, building companies are now trying to rope in those that have been away being shot at for their country over the last few months, with the implicit assumption that they perhaps wouldn't know how bad the economy / housing market has become in the last 12 months.

Cynical marketing as its very very worst.

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  • 399 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% +
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      • up 5%



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