Bryant Homes selling new apartments at half their prices

Posted under General by Michael

House builder Taylor Wimpey’s Bryant Homes, desperate with the worsening housing market, was selling off its Manchester based new building apartments below half the original asking price.

According to property dealer Saadat Khan of Comfortable Living (NW) Ltd based in Manchester, two-bedroom apartments in Blackley district were on sale for GBP146,000 when first released a year ago.

Khan bought 25 out of 48 apartments in The Hawthorns and was reselling them at GBP 79,000 on the leasehold terms similar to those offered by Bryant Homes. Though he did not divulge how much he paid but acknowledged that his mark-up was maximum 5%. He informed that cash-starved builders were ready to sell homes at huge discounts.

It meant that they were receiving cash while their shares prices were down 97%. He claimed that his firm launched Comfortable Start as a means to help first-time buyers in buying home with instant equity to lend them protection from falls in market.

Khan explained that discount obtained in bulk buying was passed on, almost fully, to the first time buyer. They were selling homes which people could live in comfortably.

A large number of builders have tried shared equity schemes for their unsold apartments in city areas like Blackley by holding on to 25% thereby reducing the amount buyer needed to borrow. But the schemes failed in many cases since buyers were still unable to afford mortgage.

Bryant Homes did not comment.