Finance

Pound sign and magnet

Persimmon introduces buyer’s retention initiative

Finance, News /

Persimmon Homes has announced the introduction of a homebuyer’s financial retention initiative in a bid to improve its reputation for quality of homes and customer care. The new scheme sees  the company write into its standard contract that 1.5% of the total home value – averaging around £3,600 per property – will be retained by the purchaser’s solicitor until “any faults identified at the point of key release are resolved”. Work is already underway by its legal advisors to have the new policy “fully in place” by the end of June 2019. The company is currently a 3-star housebuilder in the latest HBF National New Home Customer Satisfaction Survey – some way behind other national competitors – and has had a string […]

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Knights Chase by Miller Homes

Strong performance by Miller Homes in 2018

Finance, News /

The latest Miller Homes annual accounts reveal a strong financial performance in 2018, a growing workforce and an increase in forward sales. Of these new figures, chief executive Chris Endor said: “I am delighted to report an excellent set of 2018 results for Miller Homes with improvements in all key metrics. Of particular note, was the 15% increase in operating profit to £151m which enabled us to achieve an operating margin of 20% for the first time and ahead of plan. Land investment was 12% ahead of 2017 at £204m and at the same time, the business generated £82m of free cash.” Other highlights from the accounts include: A 14% increase in total completions to 3,170 homes (2017: 2,775 homes) A 4%

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Bovis Homes flags

Surge in profits for Bovis Homes

Finance, News /

Bovis Homes Group has published its latest accounts and reports an increase in profits of 47% in 2018. Profit before tax is up to £168.1m, will turnover increasing by 3% to £1,061.4m. Total completions in were up from 3,654 in 2017 to 3,759 last year, with the average price increasing slightly (from £272,400 to £273,200 year-on-year. While a long way short of recent results from other national housebuilders, such as Taylor Wimpey’s £810.7m and Persimmon’s  £1.091bn, it has been a significant improvement under the helm of chief executive Greg Fitzgerald, who joined the company from Galliford Try in 2017. That year, annual profits had dipped to £114.0m from 2016’s £154.7m. Fitzgerald said: “The group has made substantial progress operationally over the past 18

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Nirali Patel of BDW Cambridgeshire

New head of finance an example of staff diversity

Career Advice & News, Careers, Finance, News /

With her recent promotion at BDW Cambridgeshire, the most recent division of Barratt Developments, Nirali Patel sees herself as a great example of the leading housebuilder’s support of staff diversity. She was originally attracted to working for Barratt through its reputation for nurturing talent from within. After three years in the position of regional accountant at the East Region, Nirali is now head of finance at the new Peterborough-based office. This next step is not just a demonstration of growing its leadership talent from within – she believes she’s a role model showing very well how the company actively gives equal opportunity to the best staff from all cultures. “I believe Barratt Developments encourages diversity at every stage of an employee’s journey from

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New alternative to part exchange launches for the new build market

Finance, News /

A new alternative to part exchange has been launched to help housebuilders sell new-build homes more quickly. To Move Now has created a portal which connects housebuilders whose purchasers have properties to sell with a panel of corporate property buyers. Members of the panel bid to buy the second-hand properties directly, so the developer can sell its new homes without being exposed to chains or taking on part exchange stock. To Move Now Director Chris Taylor co-founded the business in July. He explained, “Part exchange is a tried and trusted system, but it does not fit every scenario. To Move Now provides a cash buyer and a fast sale where part exchange isn’t appropriate. For example, Help to Buy can be used

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