Families face losing homes
Wednesday 15 September 2004
Several families are demanding answers from a Christchurch builder after discovering they may never own the houses that he was building for them.
By The LandlordThe nine affected parties paid $10,000 deposits for the construction of houses in a Riccarton estate developed by Permanent Homes Ltd.
The balance of the value of the houses was to be paid after their completion. Despite some homes having finishing dates as long ago as July 2003, the houses remain in various stages of construction. Some look almost liveable, while others are no more than timber framing.
The anxious customers were continually assured by Permanent Homes that their houses were not far from completion.
Read More - Opens in a new window
Commenting is closed
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.