Senior Tory MP Sir Desmond Swaine has pleaded with the Communities Secretary to consider exempting volume retirement housebuilders from the ban on new ground rents. The MP for New Forest West – coincidentally not far from McCarthy and Stone’s Trump-style HQ in Bournemouth – asked in the Tuesday housing debate: “On new build leaseholds, is […]
By Sebastian O’Kelly, LKP trustee The retirement house builder McCarthy and Stone says that it is struggling, the newspapers are reporting. Profits are down more than 50 per cent for the first half of this year. And it is worried about the long-term implications of the government’s undertaking to reform ground rents, setting them as […]
Housebuilders shares have crashed today following Communities Secretary Sajid Javid’s scrapping of ground rents and ending the leasehold houses racket. McCarthy and Stone was hardest hit with a fall of 10.3 per cent. Four per cent of its income comes from ground rents, which are historically high in retirement housing. This is the highest proportion […]
BetterRetirementHousing.com reports the dismal state of retirement housing resales today, which has been taken up by BBC R4 MoneyBox. In addition, the Elderly Accommodation Counsel, which provides a database of retirement sites around the country, claims half retirement housing sells at a loss on resale. The issue was prompted by the dismal resale figures at […]
BetterRetirementHousing.com has found that McCarthy and Stone is selling retirement freeholds to Adriatic Land, whose beneficial owners remain hidden. Adriatic Land freehold owning companies, which are managed by Will Astor’s Long Harbour fund, have nominee directors from the Sanne Group, based in Jersey. Pensioners in retirement sites – and any other leaseholder for that matter […]
… And look at these dismal resale values Thousands of pensioners living in older retirement properties are facing a massive hike in ground rents: 88 per cent is not unusual, says Better Retirement Housing The older leases of mass retirement housing builder McCarthy and Stone are kicking in with huge hikes in ground rents. Ground […]
DCLG Consultation Paper On Leasehold And Ground Rents – Statement – McCarthy & Stone See our response to the DCLG consultation paper on Leasehold and Ground Rents It is a fair bet that McCarthy and Stone will be making a strong submission to the DCLG into the leasehold houses and ground rent scandals firmly urging […]
The Times today (September 10 2016) reports the research into re-sale values recorded on the Land Registry for retirement properties. The article, headed “Exit fees and poor resale values: the uncomfortable truth about retirement homes”, quotes LKP patron Sir Peter Bottomley, who earlier this week established the All Party Parliamentary Group on leasehold and commonhold, […]
Campaign against Residential Leasehold Exploitation examines official re-sale prices for McCarthy and Stone, Churchill Retirement Living, Audley Retirement, Retirement Villages, Retirement Security, Anchor and Pegasus A dismal picture of retirement housing values on re-sales is revealed by LKP from figures in the Land Registry. For years we have been saying that retirement property can be […]
Housing and Care 21 handed over the management to residents at Ashfield, a retirement site in Telford in Shropshire, after admitting that it had been badly run. For the past three months, the complex of 26 semi and detached bungalows with a community centre and flat above has been self-managed by the residents through a […]
… Or help perpetuate what is already wrong with it? – Government should underwrite retirement flat purchases like Help To Buy scheme – There should not be any stamp duty when downsizing – Schemes where some service charges are deferred until a property is sold should be ‘made available more widely’ – Retirement accommodation offers huge savings over maintaining family […]
The Campaign against Residential Leasehold Exploitation agenda for reform of retirement housing has been given a ringing endorsement by a report published today by AgeUK. The report, Housing in Later Life, arrives just as the Competition and Markets Authority appears to be manoeuvring to downplay concerns in retirement in its leasehold sector inquiry.
Retirement exit fees may get the chop, at last! The new DCLG leasehold team, with whom Campaign against retirement leasehold exploitation / LKP has been working closely, yesterday announced a range of measures in addition to “Florrie’s Law” (see LKP) and acceptance that the leasehold sector is far larger than was previously thought. They include […]
Both the FT and the Sunday Times are suggesting that the hedge-funders who took on the debt at McCarthy and Stone could be in for a killing if it floats next year for £500 million. Both papers report that says hedge fund owners pumped £367 million of equity and a five-year loan to slash borrowings.
Last Friday, Peverel was expelled from the House Builders’ Federation campaign to reinvigorate the retirement housing market. Its logo was removed from the campaign’s website, while earlier in the week the homeless charity Shelter also decided to jettison the campaign. AgeUK – which last year removed its logos from the Peverel Retirement site – had […]
The charity Shelter appears to have ceased involvement in the ‘Campaign for Housing in Later Life’, which Campaign against retirement leasehold exploitation revealed on April 9 registered its website to the address of the Bournemouth HQ of McCarthy and Stone. The Shelter logo that appeared on the campaign’s website has been removed. Since publication by […]