UK residential land write-downs
Persimmon PLC, reportedly the largest British home builder, is writing down the value of its land holdings by 600 million pounds, in addition to a writedown of 40 million pounds June 30. Based on the 76,159 lots they reported holding at that time, this is a drop of about 7800 pounds per lot. The mid-year report(pdf) also implied the total value of their land holdings was about 2.7 billion pounds, so this latest writedown might be about 22% of the land value.