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Rs28: as I wrote, building control cannot be on site 24/7 to check all cavity barriers. And as is written on all the warranties: it is the responsibility of the builders to meet building regulations standards. But I agree, it is a huge systemic failure and the consumers were scammed by all of those belonging to this system. Yet, a decent builder should rectify the faults they made, just like a car manufacturer has to do it. But unfortunately for the victims, none of the builders are accepting to repair the defective buildings THEY built, bearing in mind leaseholders bought a flat at a price that included fire safety protection in it.
Thank you for responding. GLA.
And me I refer you to my post where I write about the aversion of Barratt and its competitors for cavity barriers, internal compartmentation, and proper fire safety protection of buildings. This is a fact. Now, invest well, with a clear conscience while thousands of people are going bankrupt because they were sold flats in fire traps by cowboys like Barratt (and the rest). Read the newspapers, listen to the radio, watch TV to see what’s happening and in what you are investing. #endourcladdingscandal
must admit i don't know the ins/outs of the technical side of the construction or where any 'corners were cut' etc as amarulla suggests. although if that was the case, i would question how this 'non-compliance' was signed off by building control? if it was planned one way and built another, then there has been a failure in the regulatory process (Building control). after all, these flats cannot be sold until building control have issued practical completion certificates confirming they are satisfied with the construction and its compliance against the approved plans. unfair on unsuspecting and innocent leaseholders in these developers who should not have to foot the bill imo. the government should pick up the bill for this or bdev should have kept the furlough funds and put it to rectifying these issues! Good luck all.
I refer you to Nige's post. Nice spike again today.
Sunset 777: absolutely not. But I have no way of proving it anyway. Have a look at #endourcladdingscandal to see the desperate situation innocent people who bought flats in good faith are in. Thank you for commenting.
« Personally, I think the least responsibility lies with the Builder cos he must build whatever the architect planned. »
Unfortunately you’re wrong: missing/incorrectly installed cavity barriers are a feature of this scandal. Unprotected steel frame. Shoddy and dangerous internal compartmentation. This is all due to builders cutting corners.
Hi rs28
It is unclear where the liability lies.
Building regulations have changed since timber frame houses first became popular (so if you have an old one, it probably wouldn't be allowed to be built now).
Personally, I think the least responsibility lies with the Builder cos he must build whatever the architect planned. Yet another reason why we should follow EU Regs, so it wouldn't ever happen.
BoL
Sounds a bit like two scheming guys down the pub playing a two-hander here, to cause jitters... Not exactly Good Cop/Bad Cop, but close. Could be entirely wrong... Maybe just a couple of going-crazy Land buyers on furlough! lol
to make the point another way. if you were a homeowner and did an extension to your property. you pay an architect to obtain planning, prepare working drawings and then have these checked and approved by building control before commencing work. lets say you do this and all approved then you give a contract to a builder to construct according to plans (That have been approved in terms of design and materials), complete it and then have it all signed off by the body that is supposed to ensure safety/compliance etc (building control). then a few years later, you realise that one of the materials used that was approved is now deemed defective. would you as the homeowner be comfortable paying for remedial work to put something right that was given a green light previously by the relevant authorities? developers are there to generate profits, thats how a business works but not imo to underwrite the failures in regulatory bodies. having said that it would be an ethical decision to contribute or cover the cost of remedying the defects if the government will not accept liability at least to safeguard the reputation of the developer.
Agree, it was a systemic failure. But it was still the responsibility of builders to build without omitting cavity barriers and internal compartmentation. They cut corners, made massive profits on the back of ordinary people who now have to pay life changing sums of money to rectify what builders should have built correctly in the first place. It is more than an ethical obligation. They sold unsafe flats, they should pay. But thank you for responding.
the cladding scandal that presumably government/council building control (or their appointed contractors) signed off as satisfactory and meeting regulations. the blame is not entirely on the developers, liability lies with the manufacturers, architects, building control/regulations (government) and developers. whilst the developers may have an ethical obligation to put this right at their cost, really they should be compensated by government for a failure in the regulatory process imo.
“but they have got some problems to deal with like the leasehold misselling scam which could become a big deal.”
I think that the cladding scandal/building safety crisis is gradually becoming a much bigger deal. Barratt (just like its competitors) responsible for building residential buildings with unacceptable fire safety “defects” on top of installing combustible insulation on their buildings. Awful for the leaseholders who are being asked an average of £50,000 to repair the buildings built by our nation’s cowboys. Not trying to talk down the share just informing you what you are invested in. Have a look at #endourcladdingscandal to see what’s happening for these innocent people while Barratt continue to profit from taxpayer funded scheme. Sickening.
February this year........
Very difficult to feel any urgency to become invested here on the basis of the trading statement
Might be Spring 21 until there is a clearer picture.
Great business just a case of when.
Good update which shows that Covid hasn't blown the house down. The cash conservation is very good here but until the divi is restored those looking for a home for their money might seek a bed elsewhere. That said I think BDEV is probably worth 600p in these times as Housebuilding will be pushed up political priorities as a matter of urgency.
I'm certain there will be a vaccine. There are many trials going on, and with so many of our top scientists involved, someone will get it right, plus all the drug trials out there too!
Lucky I didn't keep my powder dry and vaccine news is near so not gonna keep anything dry. I bought last week 440p, sitting on 20% - in just one week! Bought Redrow at 365p, current 455p. Crazy stuff. There may be some consolidation in short term but the future is bright. Hold tight as November is gonna be fireworks when Vaccine comes along!
But mind where you step tho - could all turn on a dine either way. Keep some powder dry. Gut and crystal ball best tools atm.
sunset - which stock is not for trading these days? Have a look at HSBC and Barclays - both up 10% and 7% respectively. Bought Boohoo at 235p couple of months back, currently 380p. In what world is that possible? I am loving the volatility. Bought BDEV 4 days ago for 439, currently 476. I will touch 500 tomorrow probably. Just bonkers!
Hellyeah, I agree and disagree with you. For Investment (good divs - when they return) AND trading. I cover both bases.
Cheers, ReillyOne. I presume you've been following my 'strategy', and are quids in? Peeps still need houses. But let's not broadcast it TOO much - you know how I like shopping in the bargain basement! GLA.
Glad to see your still on form Sunset. Words of wisdom from a clever old fox.
You buy stocks like BDEV for investment, not for trading. I am confident this will go back to 800p in 12 months time.
Afternoon folks,
Am tempted by a top up at this price. Any thoughts on what we could expect from the AGM in 2 weeks, any positive news or return of a divi perhaps?
GLA.
more stimulus ,and job support needed ,would think news like that , be good for shares as well ,also watching ncyt ,with rns expected for new covid test to be released in next 4 trading days , like the potential ,also the buying strength here today at bdev , hoping a strong afternoon here at bdev
nogger i think the chancellor's announcement this afternoon for further stimulus and jobs support.