Persimmon Postpones Construction On New Sites

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Postponment of new homes construction

The house builder Persimmon PLC is postponing new construction homes work on 30 sites, due to the sharp slump in the housing market. In its statement, the group said the sudden worsening in the housing market had forced it to ‘down tools’ on all new sites until conditions improve.

Persimmon in its statement said, “Because of the uncertainties of the global economy and the UK lending environment, it is difficult to predict when the market will improve.”

The company has about 500 sites operating nationwide and revealed that sales are down 24 per cent on 2007. Over the last month, the unprecedented tightening in the mortgage market has resulted in a further deterioration of the housing market. Leading to lower sales volumes and increased cancellation rates.

The extensively reported concerns about the global credit crisis are also continuing to undermine consumer confidence. Persimmon homes has stepped up its marketing campaign, increased discounts and other incentives to attract buyers. The company is now contemplating, that with the slow down expected to continue into the summer months, the housing and mortgage market will become more challenging for everyone concerned.

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