The new Chancellor Sajid Javid has promised more than £600 million in infrastructure projects designed to pave the way for the building of up to 50,000 new homes. The investment is part of a revamped National Infrastructure Strategy. Gov.UK.
In defiance of a weak housing market in which many small builders are struggling to cope, volume producer Persimmon has posted £500 million in pre-tax profits for the first half of its financial year, putting it on track to reach £1 billion by the end of the year. Daily Mail.
In other news, Persimmon has launched a consultation process with all its stakeholders in advance of an Independent Review of its entire business procedures – from construction and inspection through to final snagging and customer service – which will be conducted in April. Housebuilder.
The multi-property Stonewater housing association has reported a 43% slump in pre-tax profits, down from £39 million last year to a current £22.4 million. This is largely explained by a reduction in the sale of its homes (after a significant divestment of property to another housing association in 2018) and a significant increase in the cost of its borrowing. Inside Housing.
Caledonian – a housing developer specialising in the erection of offsite modular homes – has won the £10 million contract to provide a 178-bed student accommodation building for Hereford College of Arts and the New Model in Technology & Engineering (NMiTE) University in the city. Housing Today.
Sovereign housing association – which owns 59,000 homes throughout London and the south of England – sold £20 million worth of its privately owned and shared ownership homes during the past financial year. This increased its income from such sales by 24.2% over the previous year’s revenue of £16.1 million. Inside Housing.
Following on from our news snippet on 8th July, Britain’s oldest building firm, R Durtnell & Sons – established in 1591 and run by the same family for 13 generations – has been saved from collapse following the agreement by creditors of a company voluntary arrangement (CVA), which gives Durtnell more time to pay off its estimated total of £8 million debts. Building.
Television presenter Dara Ó Briain is hosting the annual Housebuilder Awards, organised by Housebuilder Magazine, the National Housebuilding Council (NHBC), and the Home Builders Federation (HBF) at a black-tie event on the 24th of October at London’s InterContinental Hotel near the O2. Housebuilder.
The Federation of Master Builders, Build UK, the Construction Products Association (CPA), the Civil Engineering Contractors Association (CECA), and the Association for Consultancy and Engineering (ACE) have addressed an open letter to Prime Minister Boris Johnson with a plea for an orderly and managed Brexit. Specification Online.
Methodist Action North West (MANW) is to go into liquidation, leaving some 180 formerly homeless people once again without anywhere to live. The charity has been providing the homes for its tenants by leasing accommodation from private landlords. Inside Housing.
The Wolverhampton-based housing association Bromford – which owns some 44,000 homes across the Midlands and the southwest of England – has boosted the £550 million it has available for further investment with a £50 million loan from a sole private investor, as it plans to build 13,000 more homes over the next 10 years. Housing Today.
French bank Paribas has lent the Peabody housing association £75 million over a five-year period on condition of the latter setting up and running an affordable childcare programme as part of its socially-oriented responsibilities. Inside Housing.
Accord housing association – based in the West Midlands – aims to become the first in England to build homes using “as little plastic as possible” in the 12 units it is currently building. This is in recognition of the construction industry’s present use of around 60% of all plastics in Europe, of which between 30-50% goes into housebuilding. Environment Journal.
Cadwyn housing association based in Cardiff, in South Wales, is calling for more private sector landlords to lease their properties to the association to meet the rising demand for the 1,350 homes it manages – including 400 which are already leased from the private sector. Inside Housing.