SELL YOUR HOME QUICKLYProperty developers down tools as mortgage crisis worsens
Britain's biggest house-builder, Persimmon, has put all plans to build homes on hold. According to the property developers, the shortage of affordable mortgages is having a devastating effect on its business, and it will not continue building until the mortgage drought ends.
The company further warned that potential buyers are becoming scarcer by the day as prices continue falling and consumer confidence drops. The Daily Mail quotes the firm’s chief executive, Mike Farley, as saying, “We're not going to build more when we're unable to sell what we have.”
Persimmon has urged the Government to raise the stamp duty threshold, which starts at £125,000, and cut interest rates further in an effort to revive the housing market.
Meanwhile, property experts warn that Persimmon might be the first casualty, but it certainly won’t be the last.
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