Thursday, June 26, 2008
Top Dollar for faulty new rabbit hutches – whatever next !
Seven in 10 new houses 'faulty'
Seven in 10 buyers of newly-built homes found faults with the property, according to a study by the Office of Fair Trading (OFT). But most of the problems were only minor issues with decorating, glazing, plasterwork or appliances and did not cost the buyer anything to fix. Those whose moving-in date was delayed faced heavy costs, the study into the state of the homebuilding market said. The report also looked at allegations of firms hoarding land to boost profit. There was a scarcity of sites, and holding land could increase profits, the early findings concluded.
Posted by jack c @ 05:20 PM (749 views)
3 thoughts on “Top Dollar for faulty new rabbit hutches – whatever next !”
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Rental John says:
Seven in 10 new mortgages found to be unaffordable…..
drewster says:
Same thing happens in every boom.
In the dot-com boom, companies with flawed business plans issued shares and foolish investors bought them.
In the subprime securities boom, dodgy mortgages were sold on to unsuspecting investors.
In the buy-to-let boom, dodgy flats with flawed construction were snapped up by eager BTL investors.
In the dutch tulip bubble, I imagine there were a lot of rotten tulips sold at the peak.
I advise HPC readers to be careful with the twin booms in energy and mining companies. Just because a company has “Power” or “Resources” in the name, doesn’t mean they’re any good. Always do your research and don’t just buy because the managers tell you it’s a great company.
jimmy_joe says:
Dispatches from last year, focusing on energy-inefficient new builds on a Barratt estate. Start 6 minutes in.
http://uk.youtube.com/watch?v=Bte4gyd7kZs
Thanks to poor building standards and lack of proper regulation we’re all paying too much to heat the air outside our homes!