“Persimmon claims ‘around half’ its first-time buyers used Help to Buy as sales slip at the house builder amid quality and service revamp”

£77,000 profit per house, adding £30,000-plus to the cost of a new home, poor quality builds, CEO laughing all the way to the bank with his multi-million bonuses – what could possibly go wrong? Answer: nothing goes wrongfor Persimmon, because this government doesn’t just turn a blind eye, it actively encourages this behaviour by putting developers in the planning driving seat (in chauffeur-driven cars)!

“Over half of properties sold by housebuilder Persimmon in the first six months of this year went to first-time buyers, the group’s trading update reveals.

The group sold 3,082 homes to first-time buyers, representing 52 per cent of all private sales for the period.

Speaking to This is Money, a spokesman for Persimmon said ‘around 50 per cent’ of these first-time buyers used Help to Buy schemes to complete their purchase.

While the proportion of purchases being made via Help to Buy adds weight to criticisms that housebuilders are being propped up by the Government schemes, they appear to have done little to help to Persimmon’s overall performance in the first half of the year….

… Persimmon scored the worst figures of all the major house builders in a recent Home Builders Federation new homes survey.

The firm launched a review of its house quality and customer care functions in April. …”

https://www.dailymail.co.uk/money/markets/article-7212547/Persimmon-claims-half-time-buyers-used-Help-Buy-snap-home.html?ito=1490