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.
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There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.