By Aby Jose Koilparambil (Reuters) -
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Aby Jose Koilparambil
The British housing market is in the middle of its worst catastrophe since the 2008 global financial crisis as fears of more rate hikes pummel demand. Some builders are offering first-time and next-home buyers the option to buy a new-build home with a minimal deposit, sometimes as low as 2% of the total price, while some incentives allow customers to reserve a property for even below 100 pounds.
Some homebuyers are opting for exchange options, where the builder purchases the buyer's existing property and the payment helps fund the new-home purchase. In some cases, builders are also assisting buyers with the sale of their current homes. Persimmon said last month sales incentives and marketing costs shaved off 2.1% from its half-year gross margins.
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