Cladding repair bill hits £1.5bn as Redrow and Barratt latest builders to sign up to fire safety pledge April 6, 2022 The total cost for cladding works for the big nine listed housebuilders has hit £1.5bn, as London-listed firms sign up to a government fire safety pledge. According to analysis from AJ Bell, the country’s biggest builders are planning to set aside another £802m in total to tackle unsafe buildings in the wake of the Grenfell [...]
Persimmon and Taylor Wimpey sign up to government’s cladding pledge April 5, 2022 Housebuilders Persimmon and Taylor Wimpey have signed the government’s developer pledge to remove unsafe cladding in tower blocks installed within the past three decades. The pledge commits house builders to fix dangerous cladding and other fire safety issues in buildings over 11 metres. Taylor Wimpey revealed it was signing up to pledge on Tuesday afternoon, [...]
Abrdn urges housebuilders to go further than legal requirements in coughing up cladding cash March 23, 2022 FTSE 100 asset manager Abrdn has called on housebuilders to do more than the bare minimum to foot the bill to fix blocks with unsafe cladding. According to a report from Sky News, the City investor has written a letter to big players in the construction sector, urging them to do more than they are [...]
Housebuilder shares boosted by fresh cladding estimate March 14, 2022 Housebuilders saw their share prices lifted on Monday after optimism that the bill foisted on developers for cladding remediations would be much lower than initially forecast. It had been thought that property firms would have to pay £4bn to rectify unsafe cladding on 11-18metre tower blocks. However, the potential bill was estimated to be closer [...]
Persimmon forward sales up 9 per cent from pre-pandemic levels August 18, 2021 Housebuilding business Persimmon reported a 64 per cent leap in profits in the six months to June 30th, posting £480.1m in earnings up from £292.4m in the same period last year. The company expects a “good” forward sales of £2.23bn, up 9 per cent compared to £2.05bn from the same period in 2019. Forward sales [...]
Almost all UK housebuilders’ revenues fell as fewer homes built during covid July 13, 2021 Only one of the biggest housebuilders in Britain has seen an increase in its revenue and built more homes in 2020, new research shows. The latest research from Warwick Estates has revealed that Vistry Group was the only major house builder which saw improved performance in terms of the number of houses delivered, and in revenue. The [...]
Persimmon and Aviva agree to make leasehold payments fairer for homeowners after CMA probe June 23, 2021 Following an investigation by the UK’s markets watchdog, housebuilder Persimmon and financial services group Aviva have agreed to overhaul their leasehold contracts to make payments fairer for homeowners. The Competition and Markets Authority (CMA) investigation into Persimonn’s leaseholds pushed the housebuilder to cap the price of freehold at £2,000 in its Right to Buy scheme [...]
Persimmon builds up sales to pre-Covid levels April 28, 2021 Sales at housebuilder Persimmon for 2021 so far are 23 per cent ahead of last year, meanwhile, it has set aside £75m to address the issue of flammable high-rise cladding. With the average price for homes sold to private owners at around £252,000, the group enjoyed £3bn in sales in the first quarter of 2021, [...]
Persimmon profit falls as spring site closures dent builder March 3, 2021 Housebuilder Persimmon said that its profit fell about a quarter in 2020 as a result of the coronavirus pandemic. The FTSE 100 firm reported profit of £783.8m over the last 12 months, down from £1.04bn in 2019. Despite the fall, shares in the firm rose 2.9 per cent after the open, as traders welcomed optimistic [...]
Persimmon takes £75m hit on dangerous cladding costs February 10, 2021 Persimmon will take a multimillion pound hit on costs associated with cladding safety issues that have been discovered since the Grenfell Tower tragedy. The housebuilder said it has made a £75m provision in its 2020 results to pay for dangerous cladding to be removed or investigated at 26 high-rise buildings in its legacy development portfolio. [...]