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More Housebuilders Go To The Wall

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I pass by a new development by Capricorn Homes regularly. 5 of the 16 houses in the close remain for sale, despite some aggresive price reductions (for the local area anyway).

It came as little surprise to see this the other day then. Link

Credit crunch crushes Capricon and Dalesmoor Homes

Capricorn Homes and Dalesmoor Homes (both housebuilding firms) recently went into administration. It has been speculated that this is due to the 'credit crunch' which has affected many businesses and individuals throughout the UK.

During times of economic turbulence, things can change very quickly as demonstrated by the fact that Guernsey-based Capricorn Homes' last accounts reported a profit of £1.1m in 2005 on a turnover of over £7m and had planned to increase turnover over three times this amount over the next three years.

Lancaster-based Dalesmoor Homes was also recently placed into administration. Insolvency practitioners within the PKF UK firm have been appointed as administrators for Dalesmoor and claim that it has assets of £2.5m. Unfortunately, the housing market is one of many business sectors that are feeling the unfortunate ravages of the 'credit crunch'.

I'd guess the unsolds will find their way into an auction house pronto!

Edit: spliing

Edited by VillageIdiot

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  • 396 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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