A completion, legal completion or legal, is a finished house with the sales process totally complete. The final NHBC inspection will have been passed and all deeds and other documentation will have been handed over to the customers prior to moving in.
Extra items or upgrades that customers can purchase in addition to their homes. To offer customers with greater choice, George Wimpey offer a range of products that can be bought as 'optional extras'.
George Wimpey UK
Options Centres - a standard George Wimpey Options Centre forms part of the sales area on every development. Customers can choose additional or upgraded; carpets/floor coverings, bathroom fittings, electrical sockets, alarm systems, fire surrounds, kitchens and wardrobes, conservatories and landscaping.
Regional Options Centre - centralised retail areas where customers from all developments in the region can view an extended range of optional extras. Appointments are booked with specialist options sales advisors who will ensure all choices are planned and included in the build programme.
By 2004 6 regional centres will be open, 2 in the North, 2 in the Midlands and 2 in the South.
Signature Selection Centers - every region has a centralised retail area where all customers view and select their choice of exterior and interior finishings for their new home. Customers spend time with a specialist sales advisor who ensues their selections, are properly planned into the build programme.
Luxury homes tend to be priced over £1 million and finished to a very high specification. (George Wimpey does not build any luxury homes).
Order books or sales proceeding are the number of homes that have committed buyers who have reserved or exchanged contracts prior to completion.
An outlet, development or site is the area of ground on which a group of homes are being built. Each outlet or development has an individual name and can range from just 5 or 6 large properties or single apartment block to one selling xxx properties over x number of years. Each development has its own name.
Premium homes tend to be priced between £250,000 and £1 million depending on location. Homes are finished to a higher specification than standard housing products ie better quality kitchens, electrical fittings etc included as standard. George Wimpey builds premium homes under the Laing Homes brand.
Private Development Completion
A house sold to a customer at current market rate.
Social or affordable housing - a percentage of the houses on each development are built 'not for profit' and are sold at lower margins to local authorities or housing associations. The percentage per development varies from region to region and is agreed when outline planning permission is given.
In 2002 social housing accounted for 7% (960) of the total number of homes built by George Wimpey UK.
George Wimpey builds homes across Great Britain from Aberdeen in Scotland to Plymouth in Cornwall. A typical George Wimpey home is 1,056 sq ft, 45% of the homes built have 4 or 5 bedrooms and sell for an average of £163,000.
George Wimpey is the brand for the standard core business of George Wimpey UK.
Laing Homes are based predominantly in the South East of England with a regional business in the Midlands. A typical Laing home is 1,317 sq ft and sells for an average of £331,000. Just under 40% of the homes built have 4 or 5 bedrooms and a similar number are apartments.
Laing Homes is the brand for the premium products offered by George Wimpey UK.
Morrison Homes builds in the US sunbelt states of Florida, California, Arizona, Georgia and Texas and also has a division in Denver. A typical Morrison home is a 2,344 sq ft, detached single family home and sells for an average of $266,000.
The number of visitors to all developments are counted each week and recorded as a total number and average per site per week.
Not built for profit
To be sold at lower margins to local authorities or housing associations, percentage per development is set by local authorities and finalised at when outline planning consent is granted.