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This is the date when each of the builders’ regions have to report to their group head office, how many completions were achieved, that is homes they have built and sold, within their financial year. This is then released as either final (annual) or interim (half-year) results in their company accounts for their shareholders.

It is crucial for each region to achieve their target number of completions and everything is done to ensure they reach the required figure. Sometimes the house builder’s regional directors can lose substantial bonuses amounting to 30% - 50% of salary (and sometimes their jobs) if the target figures are not met. Very often your home is rushed to be finished in time for you to complete the purchase before the 'year-end' cut off date. This can result in a low standard of finish and reduced or forced drying out.

In the past it has been known that large cheques were given to purchasers to persuade them to complete the purchase on their new home - even though it had not been finished, or remain in their old 'part-exchanged' home whilst their new home was finished. This cannot now occur, as the Council for Mortgage Lenders’ (CML) initiative requires builders to obtain a completion certificate. This is issued by an independent Building Inspector, normally the NHBC, following a satisfactory final inspection of the property and is required before the lender will release mortgage funds. However a cash purchaser may not necessarily have this protection and should ask for the 'CML' before legally completing the purchase of the property.