Thursday, June 5, 2008

Persimmon stops building

Building company to sack hundreds

A few minutes ago on BBC News Yorkshire. An academic gave his view. "This is not the end of the beginning, this is the beginning of the beginning" He thought other builders would follow. Sad aspect is it looks like a lot of people will lose their jobs

Posted by yorkshireman @ 07:03 PM (1198 views)
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9 thoughts on “Persimmon stops building

  • Rental John says:

    ‘The firm blamed the lack of cheap mortgages and a fall in consumer confidence for the downturn’.

    Wrong……extremely overpriced boxes in dodgy and cramped locations, competing with a glut og unsold properties – that’s the problem!

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  • montesquieu says:

    ‘The firm blamed the lack of cheap mortgages and a fall in consumer confidence for the downturn. ‘

    How about greedy builders, throwing up flats at inflated prices designed for BTL investors, not for the human beings who live in them, that nobody wants, instead of propertly built houses, priced sensibly? Toss*pots, hope they go under and release all that land back to people who will do more with it than make brick shoeboxes.

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  • Ahh. Poor builders. No more timber-framed ‘luxury’ apartments for 1/4 million.

    Tuck in

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  • an employee that works for me at weekends was given 30 days notice some 10 days ago. He told me then that all midland sites where to close until further notice.

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  • Persimmon have a development near me. They are trying to get £320,000 for a 900sq ft 3 bed semi whilst other similar ‘used’ houses locally are going for around £250,000. I’m guessing this might be why they cant sell them.

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  • @montesquieu
    I(ts quite likely they will hang onto their land banks and get rid of their men.The men cost them money whereas there is no carry cost for the land which just lies there and does n’t need sustenance.Which is why you need a Land Value Tax to force the developers to use it or lose it.

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  • montesquieu says:

    Yes in ‘College Mews’ Bristol (that would be City of Bristol College, out in the badlands by Ikea, not the near University of course) Persimmon are offering – just like US sub-prime in its prime – £500 mortgage subsidy for two years. (What happens after two years? Someone else’s problem, Persimmon don’t care …) But that’s only £12k off £250 for a chessey three-bed terrace, if they tried 70k off they might actually shift a few.

    Meanwhile in nearby, horribly overbuilt Portishead (a formerly cute seaside village with only one now horribly congested road in and out), they are selling crammed-in waterfront terraces and appartments overlooking Avonmouth’s lovely collection of chemical works, with driveways so small they hardly fit a Fiesta never mind the standard pleb-made-good issue 4×4 tosserwagons (which then clog up the pavements somewhat spoiling the ‘marine ambience’). A snip at £300k for the little ones (the big ones are on at over £600k – hey you at the back, stop laughing!).

    They deserve all that’s coming, and more, these people. Zero sympathy. (And that’s only the buyers … to date, a high proportion of which have been – you guessed it – BTLers).

    Joy.

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  • Round my neck of the woods McInerney homes ‘builders creating quality, value-for-money developments in the North West’ are building 1 bedroomed timber framed apartments. One such development quaintly named Williams Wharf is quoted as lovely and peaceful yet backs onto one of the areas up and coming crack estates. Every incentive known to man from deposit paid to mortgage subsidies free flat screens and playstations has been used to market them yet the cheapest 1 bedroom apartment overlooking a railway embankment of stone throwing youths costs more than a decent 2 bedroom terraced house.

    Within 10 years the development will be a shabby slum and McInerney will be gone.

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