From holidays to mortgage waivers, UK homebuilders dish out freebies to revive sales
) tried to lure buyers earlier this year, offering thousands of pounds towards a holiday in return for new-home booking at one of its projects.
Barratt, UK's largest housebuilder, said its incentives were running at 5%-6% of the house price versus 1%-2% a year ago, while Persimmon noted that it was using incentives in a"very controlled manner" at around 3.2% per plot. With inflation running at several multiples above its target, the Bank of England has added 515 basis points to borrowing costs from just 0.10% in less than two years, making it much more expensive to pay off a mortgage.
"Mortgage holidays", offered by Persimmon and other builders, are also popular among homebuyers with builders contributing towards home-loan payment during a specific period.
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