Why have Berkeley’s flats fallen by 40%? (London average -14%)
Why have Berkeley’s properties crashed by 40% (45% in one instance at Royal Arsenal Riverside), while the London average fall in prices has been closer to 14%???????
Still, no-one from Berkeley wants to answer that question.
Berkeley have offered no explanation, no solutions and no compromise.
Paul Vallone, Berkeley Homes director, told us he thought the flats were still worth every penny and he’d borrow the shortfall from his granny if he had to because he firmly beleived that a contract was a contract and should be honoured.
Sorry, Mr Vallone, for those of us looking at £100,000 shortfalls due to the crash in valuations at Caspian Wharf and Royal Arsenal Riverside, my granny’s pension isn’t going to fill the hole.
Berkelely are still showing a lack of understanding of what has happened to their market in the last 18 months. Mr Pidgley’s letters from 2008 and throughout 2009 clearly show the company as a whole are in denial about the crisis facing the new build sector, but are also clearly dillusional about their customer’s finances.
Its not the first time a Berkeley staffer has told us that you just can’t compare Berkeley to “the likes of Barratt or Persimmon”. They are clearly deluded in thinking that Berkeley customers are all cash-rich and don’t need a mortgage. Indeed, all of our reservation forms clearly state how we intended to finance our purchasers and in virtually all of those cases it was with a mortgage.
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