‘Shoddy’ Help-To-Buy homebuilder Persimmon causes outrage over £1BILLION pre-tax profits

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'Shoddy' Help-To-Buy homebuilder Persimmon causes outrage over £1BILLION pre-tax profits



UNDER-FIRE homebuilder Persimmon caused outrage after posting record pre-tax profits of more than £1bn yesterday.
The York-based firm – accused of leaving some buyers with shoddy houses full of mould, leaks and damp – made a staggering £66,265 on each property it sold.
PA:Press Association The firm has caused outrage for posting huge profits despite being accused of building substandard homes
Nearly half were offered through the Help-To-Buy scheme, which is meant to help struggling buyers by giving them interest-free loans.
Persimmon has seen its profits triple to £1.09bn since the taxpayer-funded programme was brought in six years ago.Liberal Democrat leader Vince Cable said: “The fact that Persimmon’s profits have topped £1 billion at the taxpayer’s expense is a scandal.
“The Government must act to stop Help to Buy, rather than allowing big housebuilders to pinch their profits from the public purse.”
He added: “This greed is coming at the expense of the public purse through the subsidies in help-to-buy.
“Help-to-buy is a scam, enriching developers while forcing buyers off the ladder by pushing up prices.”
Greg Beales, the campaign director of the housing charity Shelter, said: “Persimmon represents everything that is wrong with the housebuilding system.
“The firm has generated huge profits from taxpayer subsidies whilst doing very little to help solve the housing crisis we face.”
Persimmon recently sparked fury by trying to pay former chief Jeff Fairburn a staggering £110mn bonus.
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Last year MPs grilled their execs over “grossly excessive” bonuses being awarded to top staff.
Customers have told of finding pipes springing leaks and windows cracking just days after they moved into their homes.
Housing minister James Brokenshire has launched a review after Persimmon’s huge gains from the Help-To-Buy scheme.

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