Britons Buying Fewer Off-Plan Houses as Mortgage Pressure Mounts [BNN Bloomberg (Canada)]
PERSIMMON PLC UNSP/ADR (PSMMY)
NASDAQ:AMEX Investor Relations:
persimmonhomes.com/corporate/investors
Company Research
Source: BNN Bloomberg
Some 32% of new homes were sold before they were built in England and Wales last year, down from 39% in 2022 and the lowest level in ten years, according to Hamptons International. That's bad news for developers, which have been slowing build rates to preserve capital and ensure they're not left with large numbers of unsold homes, the broker said. “With more homes only sold after they're finished, it means developers are borrowing money for longer and at higher interest rates,” said David Fell, lead analyst at Hamptons. “This means the government is unlikely to get close to hitting its housebuilding targets until interest rates drop back considerably.” Read more: UK Mortgage Arrears Rise as Borrowing Rates Squeeze Homeowners Off-plan sales are essential for developers' cash flow, bringing money into the business before units are complete and allowing them to borrow money to fund more construction. The share of new homes sold off-plan peaked at 47% in 2016, but a surge in mortga
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