fbpx

Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

UK’s biggest house builder confident over strength of housing market despite pandemic-induced challenges

YORK (CU)_Over the past year, UK’s housing market recorded a historical boom driven by cheap mortgage deals and a stamp duty holiday. Although a new hike in COVID infections led by the Omicron variant has given rise to several challenges, the country’s biggest house builder remains confident over the strength of housing market.

In its recent trading update British house building company Persimmon said that its revenues rose by 8.4 per cent to £3.61 billion (US$4.92 billion) last year, as sales began recovering during the second half of 2021. The York-based company registered a total of 14,551 homes, an increase of almost 1,000 from the year earlier, while the average house prices also rose from £230,534 to £237,050 year-on-year.

However, house builder revealed that there has been an increase in sickness-related absenteeism, as a result of the spread of the Omicron variant, which is forcing some customers to delay moving into new homes to follow government isolation advice, although the firm’s chief executive Dean Finch noted that the industry is capable of tackling these pandemic-induced challenges quite successfully.

 “While the industry continues to face the ongoing operational and economic challenges as a consequence of the pandemic, particularly as the Omicron outbreak unfolded in the last six weeks of the year, the group continues to manage these ongoing challenges comprehensively,” he said. “The long-term fundamentals of the UK housing market remain strong and I am confident.”

Commenting on the government’s plans to force house builders to pay to fix defective cladding following the Grenfell fire, Persimmon said it shared the views of the secretary of state that leaseholders should not have to pay for it. “Indeed, we made a commitment a year ago that leaseholders in buildings constructed by Persimmon, including all those above 11 metres, should not have to cover the cost of cladding removal,” the company said. “We have constructed only a very small proportion of buildings affected by this issue. In common with the rest of the house building industry, we will shortly begin paying the cladding levy announced in the budget.”

Latest news

Calls to import coal through aggregating agency

KOLKATA (CU)_Over the recent months, there has been an increase power generated through coal in India, both domestic and imported. As of Friday, power...

Related news

Ontario to give homeowners the right to ‘sell their home how they want’

TORONTO (CU)_The real estate industry of Canada are waiting on the government to make good on its electoral promise to ban blind bidding for...

Renters living in limbo as no-fault evictions increase

LONDON (CU)_No-fault evictions, a practice which allows private renters to be expelled rapidly without good reason, are proving to be a major challenge in...

Its the most competitive rental market ever recorded!

LONDON (CU)_Household budgets in the UK are already strained by rising food and energy costs, which are expected to push a significant number of...

Demand, optimism trigger uptick in house prices

BANGALORE (CU)_Residential property prices in India have started to see an uptick over the recent months. Latest figures show that the increased were witnessed...

North Cornwall residents an ‘endangered species’?

ST AGNES, Cornwall (CU)_St Agnes is a coastal village in north Cornwall, labelled the “platinum edge” of the UK, and has witnessed a mass...

Experts warn of a full-scale attack on home prices as affordability is put under the microscope

TORONTO (CU)_Housing affordability in Canada has been put under the microscope as a result of a… chronic supply crunch in large cities and their surrounding...

Tenants having to dig deep into their wallets

AUCKLAND (CU)_Just like every other consumers in New Zealand, tenants too are struggling with the rising cost of living. This has been further aggravated...

Possible full-blown ‘affordability crisis’ as house price growth outstrips earnings

LONDON (CU)_Since the beginning of the pandemic two years ago, the housing market of the United Kingdom has continued to defy economic conditions. According...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Calls to import coal through aggregating agency

KOLKATA (CU)_Over the recent months, there has been an increase power generated through coal in India, both domestic and imported. As of Friday, power...

Over 6000 employees required for Singapore Changi Airport!

            Singapore (CU)_ Changi Airport Group (CAG) has announced the launch of one of the largest recruiting campaigns in Singapore's aviation sector, with more...

One of Australia’s most anticipated mineral exploration targets is about to be drilled

PERTH (CU)_Chalice Mining has finally received long-awaited approvals to work inside a state forest in Western Australia, which would mean one of Australia’s most...

President Hichilema’s vision for Zambia’s vital mining sector

CAPE TOWN (CU)_Zambia's President Hakainde Hichilema recently participated in the annual African Mining Indaba that was held in Cape Town, South Africa. The Zambian...

A clear signal of intent after breaking the trust of Aboriginal Australians

PERTH (CU)_Back in May 2020, Rio Tinto destroyed a 46,000-year-old Aboriginal site in the expansion of… an iron ore mine in Western Australia. Although the...

A marathon trip designed to signal Beijing’s broader ambitions in the Pacific

HONIARA (CU)_Over the recent weeks, China’s growing influence in the Indo-Pacific has come under the spotlight following a controversial security agreement that was signed...

Queen to perform at Platinum Jubilee concert alongside Sir Elton John and Alicia Keys

LONDON (CU)_In less than two weeks, Queen Elizabeth will be celebrating her 70th anniversary of taking the throne. A series of events are scheduled...

Popular Indian Americans are investing in the US T20 cricket league!

California, USA (CU)_ According to recent media reports, popular Indian American business executives including Microsoft CEO Satya Nadella and Adobe CEO Shantanu Narayen are...

Suhana Khan’s 22nd birthday bash was with the Archies squad!

Mumbai, India (CU)_ Suhana Khan turned 22 this year. The popular star kid celebrated her 22nd birthday with ‘The Archies’ team filled with enjoyment....

Singapore envoy lauds Bangladesh’s electricity and energy sectors

Dhaka, Bangladesh (CU)_ The energy industry of Bangladesh is booming. Recently, Bangladesh began building the 2.4-gigawatt (GW) Rooppur Nuclear Power Plant, which is anticipated...

25 years after the murder, Metropolitan Police still has ‘much to do’

LONDON (CU)_Back in April 1993, Stephen Lawrence, a black British teenager from Plumstead, southeast London, was waiting for a bus in Well Hall Road,...

The transgender community welcomes Pakistan’s Transgender Endowment Fund Bill 2022

Islamabad, Pakistan (CU)_ The transgender community and civil society have lauded the government of Khyber Pakhtunkhwa for passing Pakistan's Transgender Endowment Fund Bill 2022....