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Persimmon launches retention scheme for home buyers | Construction Buzz #209

21 Mar 2019


Persimmon is launching a ‘retention’ scheme for home buyers to protect them from construction problems.

The scheme will see 1.5% of a home’s value withheld by the buyer’s solicitor until any build faults are resolved.

The average amount withheld based on current selling prices will be around £3,600 per home.

Persimmon lawyers are now drawing-up details of the new standard contract which is expected to be in place by the end of June.

Dave Jenkinson, Chief Executive Officer of Persimmon, said: “Persimmon is listening hard to all of its stakeholders and we hear the message that we need to continue to raise our game in customer care. 

“We are now accelerating the pace of change through the introduction of a contracted retention which will give home buyers far greater satisfaction at the completion of the purchase. 

“Moving into a new home should be a positive experience enhanced by all the benefits of a new build that is designed for modern living.

“We are determined that the experience is not overshadowed by teething problems and providing a homebuyer’s retention is an important step towards achieving this.”

Source: Construction Enquirer 

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