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Barratt director striking out in east London
08 July, 2008Managing director of Barratt East London, Alastair Baird, has little to worry about where the housing slump is concerned.<br/>
Managing director of Barratt East London, Alastair Baird, has little to worry about where the housing slump is concerned.
Barratt has recently begun work on an east London project from PKS Architects, which will see the company build 2,000 homes in Canada Water.
The development, near to east London's suave docklands area, has come at a time when most house builders are reporting falls in sales and reservations.
Speaking of the development Mr Baird said: "Maple Quays will transform Rotherhithe and grow into a major asset to the local community and the wider London economy."
House builder Persimmon today announced that since the beginning of the year it has had to cut 1,100 jobs, but Barratt executives appear to have found calm waters in an otherwise tumultuous year for the industry.
As well as housing the company is providing a new library, civic plaza, shops, a play area and green space through the development, partnered with the local authority of Southwark, and British Land Canada Quays.
Barratt is also reported to be waiting on planning permission for a second development to add to the site, including 186 apartments and 700 homes that would further buck the trend of low confidence in the sector.
Banks will be asking potential buyers of new and newly renovated properties what incentives they were offered by the housebuilders, in an attempt to understand more and more about their mortgage customers, it has been reported.
The housing correction has until now been seen as a disaster for all concerned but, with banks refusing to ease up their lending criteria owners are now finding ways to earn from the lack of buyers.
Total mortgage lending for 2008 will fall by 19.3 per cent year-on-year, it has been predicted by Datamonitor.
Homeowners in no rush to sell their homes are turning their properties over to the rental market to avoid selling at a low price during the housing correction, it has been found.
Recent research has found that the housing market is beginning to stabilise, it has been reported, as many factors connected to the buying process are now showing less symptoms of decline.