DEVELOPMENTS IN CITY GO AHEAD DESPITE HARD TIMES

ONE of the country’s biggest housebuilders has confirmed that it plans to build more than 200 homes in Plymouth this year, despite the company facing “challenges” in 2023.

- WILLIAM TELFORD 

Persimmon has told The Herald it has plans to start construction of 63 apartments at Palmerston Heights, Derriford, and 122 new homes at Saltram Meadow, Plymstock, before the end of 2023.

The company also hopes to start a new phase of development at Palmerston Heights which would, if given approval by Plymouth City Council, see another 50 homes built.

This comes despite the firm warning it plans to nearly halve the number of homes it releases on to the market nationally this year, as challenging market conditions are expected to cut the amount it can charge.

Persimmon has said it would build and sell between 8,000 and 9,000 homes around the country in 2023. This total is down from close to 15,000 the year before, which was an all-time high for the business.

The company’s decision comes in a changing market where house prices are starting to fall as potential buyers are dealing with the soaring cost of living and spiking interest rates, which make it more expensive for them to borrow money.

New figures from Nationwide last week suggested house prices dropped by their fastest annual rate since 2012 in the year to February.