Seems like a bad sign to me. In a high demand situation they basically shouldn’t have to advertise much at all IMO.
The estate near me which is persimmons, has just exited its 2 year warranty period and so plenty of news stories popping up locally on the defects and bad working practices.
At the moment it’s just localised, but they’ve had a bad reputation in the news for a few years now as it is and they really don’t need any more negatives in their cap if you ask me.
Even the brickies on the site I deliver to say they are thrown up. Its also laid off a few ground work gangs
There should be an NHBC warranty on the new build which covers up to 10 years.
People buying new builds should really consider getting an independent snagging survey, which will cost between £200-£600 (depending on size of property). A standard survey will likely flag up well over 100 ‘snags’, most of which will be minor but bigger issues could be found (safety related), which will be rectified at no extra cost.
The warranty is just insurance, people still have to pay an excess on any defects found post 2 years, so it’s not as trivial as it sounds.
Persimmons “new build guarantee” is just premier home insurance for 10 years, with an adjudicator and excess payments required for any issue.
For example; any water leak will still stiff the resident at a minimum of £1,150 before the warranty helps out.
As for the survey, if you have a new build survey and read the fine print; any survey is only a visual check of the building, they don’t actually do any serious testing.
For the record; I bought a new build with persimmons, and I had the survey and the new home guarantee, so this is all from experience, plus of course, all the local stories which don’t need repeating.
Realise this is a month or so later than your comment but even back in January there were signs demand was temporarily drying up , largely because of affordability.
These guys build new homes, but if interest rates continue then there are likely going to be many existing hole coming onto the market as people downsize or look to move to a cheaper mortgage on a less valuable property.
Long term , people need houses and the U.K. doesn’t have enough. Whilst it sounds like build quality isn’t great that doesn’t mean the company/shares won’t continue to do well overall. I’ve seen estates built in my area over the years and different developers - all identical , squashed together , tiny gardens and crazy prices.
Latest development near me has half million pound houses for sale (midlands) with gardens 1/3 size of my humble house , a drive that will fit one car (just) and a small garage. Barely any landscaping. Still selling. Also built on a former mining area , supposedly done surveys etc but already had to change plans once when undocumented site found and now having to redo the main access road after was found to be to narrow to accommodate fire brigade vehicle !
So, im £7k into psn, and at way too much of a loss to sell… surely, with vast land holding, zero debt, profit (although down) making company, when this financial crisis is over, they should bounce back to pre crisis levels at least?
If one thing is certain, with a rising population and limited land mass, the housing market in the uk can only (long term, including dips) grow?
Am i thinking through rose tinted glasses here or am i correct?
I am an amateur investor, add £200 per month to my portfolio and have done for 18 months or so since i started with a bit of a lump sum. So by no means do i know what im talking about!
Psn is 40% of my portfolio so i really am in a bit of a pickle if the more knowledgable investors here tell me im wrong!
I have no plans to withdraw money from my FT acc and cash out in the short term, im riding this £200 per month until i plan on retiring in 30 years, and wont cash out until then.
And on another note. Where should i look at putting my money and building a decent holding?
I’m in the same boat. Only thing certain is can’t be sure what the future holds. However, you can take some comfort looking at history ( again its not certain).
During the credit crunch in 2008 it fell low as £2.30. But bounced back. Will it do the same? Hope so
I have a small holding in PSN but will no doubt add to it in the new ISA year…albeit tentatively. Volume builders like PSN are facing headwinds on a few fronts at the moment with a possible recession, the end of H2B and potentially a new landscape on what the ‘norm’ for interest rates will be, not to mention the extra tax that housebuilders are having to contribute.
That said, any of those headwinds could change quickly dependent on the economic outlook or government policy. In the meantime PSN controls it’s costs well with benefits of having integrated supply chains around brick and tile. I believe they do still need to do more to repair some of the reputational damage they suffered but hopefully that will come in time.
Long term hold for me personally but who knows what the future holds!!
Woah 40% in a single stock. I’m trying to keep a maximum of 10% in a single stock. ETFs or funds can be higher. Is it just me or is that too much exposure and risk in a single cyclical stock?
Hello all. We’re we meant to get a dividend last week?
Freetrade say the dividend payment date is 5th May but I haven’t received anything.
No, I didn’t get mine either and today’s a bank holiday so won’t be paid today. Tomorrow will be the earliest, it will come at some point, it has in the past.
Withing 7 working days
Nope. Not received mine yet. As of today.
Same here 3 working days still no dividend. On the positive note I’m looking to reinvest anyway and the price has dropped since the 5th
Hello all Close of Business Friday and still no Dividend.
Hopefully we will get it on Monday
Got mine (may be today!!). No message received. But there is an entry in the activity section.
Just got notification for mine