February 20, 2018

ARCO snubs McCarthy and Stone / Churchill by saying there is no need for ground rents

The trade body the Association of Retirement Community Operators announced yesterday that ground rents are “not essential” in retirement housing and it backs the government in ending them. The announcement directly contradicts McCarthy and Stone and Churchill. Both have argued that they need ground rents for the viability of retirement housing projects and without them […]

ARHM cannot see a future in traditional ‘granny flat’ volume retirement sales

Annual conference hears why renting, mutuals or guaranteed buy-back schemes are more attractive than leasehold flat sales Not one attempt was made to defend the volume retirement housing business model as it came under sustained attack at the annual conference of the Association of Retirement Housing Managers last week. The keynote speaker Sebastian O’Kelly, of […]

Resale disaster zone: Burlington Court in Bridlington, where one flat has sold for £36,000

5 flats sold for less than £50,000. 12 flats less than £60,001 The dismal state of retirement flat resales is starkly illustrated by figures from the Land Registry concerning Burlington Court in Bridlington. Five of the flats here have been sold for less than £50,000; seven of the flats have sold for less than £60,000. […]

Elderly Accommodation Counsel says half new-build retirement flats fall in value on resale

BBC R4 MoneyBox today claims that around half of new build retirement homes sold during a 10-year period were later re-sold at a loss. This has long been a concern of BetterRetirementHousing.com, formerly the Campaign Against Retirement Leasehold Exploitation. In all our criticisms of resale prices we have relied solely on unarguable data from the […]

Ground rents are essential to McCarthy and Stone’s business model

… but leaseholders are concerned it is selling freeholds to anonymous buyers … McCarthy and Stone complains about ‘right to reply’ to LKP / Better Retirement Housing articles McCarthy and Stone told The Times yesterday that there would be fewer of its form of retirement flats if the government reduces ground rents to a minimal […]

Pensioners hammered with 88% rise in ground rents

… Often in sites with 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. The older leases of mass retirement housing builder McCarthy and Stone are kicking in with huge hikes in ground rents. Ground rents at Churchill sites […]

Our ground rents are fair, says McCarthy and Stone (even though they go up to £600 and are for no service whatsoever)

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 […]

4% of McCarthy and Stone earnings come from ground rents

The announcement yesterday by Sajid Javid, Communities Secretary, that he is to ban the sale of leasehold houses and reduce ground rents on new properties to “as low as” zero resulted from months of work by the Leasehold Knowledge Partnership. It will have a marked effect on McCarthy and Stone, according to an article in […]

Campaign against retirement leasehold exploitation is ‘slanted’ over retirement resale prices. The picture is more positive, says McCarthy and Stone

Statement from McCarthy & Stone The majority of properties managed by McCarthy & Stone have increased in value when resold (based on data relating to managed properties resold in 2016 to-date) and historical data suggests around a third of all our properties outperform their local market.  In addition, our newer properties are better-placed to retain […]

The Times: ‘Exit fees and poor resale values: the uncomfortable truth about retirement homes’

The Times today (September 10 2016) reports the research by Campaign against retirement leasehold exploitation 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 Campaign against retirement leasehold exploitation / LKP patron Sir Peter Bottomley, who earlier […]

Abysmal retirement housing values revealed on the Land Registry

Campaign against retirement 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 Campaign against retirement leasehold exploitation from figures in the Land Registry. For years we have been saying that […]

McCarthy and Stone stops hyping ‘virtual freeholds’

McCarthy and Stone has changed its publicity after claiming that by selling 999 year leases it was offering buyers homes that were “virtual freeholds”. Campaign against retirement leasehold exploitation took the issue up with chief executive Clive Fenton and the over-hyped expression has been dropped from McCarthy and Stone publicity. Its website has been amended. […]

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