Loss 18%, Recent McCarthy flat currently marketed for £140,000 Kings Place After McCarthy & Stone were featured on Channel 4 Dispatches programme about their selling tactics, the producer of this programme contacted me for further comment. Research looked at these properties, then identified other flats in same developments sold within the past 12 months, where Land Registry records existed for another, previous sale. 1. “People who buy retirement properties should expect that they will hold their value; too often this is not the case.” Campaign against retirement leasehold exploitation looked at the resale prices paid at a random selection of sites by providers McCarthy and Stone, Churchill Retirement Living, Audley, Retirement Villages, Retirement Security, Anchor and Pegasus. From exceptional levels of quality and safety — to ease of maintenance over time, we are firmly committed to helping our clients and partners achieve the short- and long-term strategic goals of every project we do. I asked at the time was this a conspiracy as the 3 flats increased 31% each. The following advertisements are from firms that seek business from leaseholders.Click on the logos for company profiles. John McCarthy and Bill Stone became partners in 1961, and in 1977 they built their first retirement housing development in Hampshire.Subsequently they ceased other building work to concentrate on developing specialist housing for elderly people. Avoiding disasters. It will have a marked effect on McCarthy and Stone, according to an article in […] These cookies record your activity on the McCarthy Stone website and our partners may use that information to show you adverts that they think you will be most interested in when you visit other websites. It was formed by John McCarthy and Bill Stone, who became partners in 1975, and focussed on building retirement properties … McCarthy and Stone has profited the most from the retirement leasehold racket and yet has curiously not been the focal point of most of the opprobrium. Previously sold in August 2008 for £249,950 Find out more about marketing cookies here. Annual maintenance doesn't seem too bad, maybe because it's an older property. McCarthy & Stone is today issuing the following trading update ahead of reporting its final results for the year ending 31 August 2018. Properties For Sale by McCarthy & Stone Resales, Bournemouth, including sold STC. We consulted with our 1,000 colleagues to discover what they believe the values of the company are. They are not suitable for people with significant care needs like advanced dementia. They do not hold their value, in our city resale's often go for as much as 50 percent less their new build price. We take pride in the work we do. Wider local market fell 13% in the period. Loss 25% over seven years, June 2012 another flat sold for £113,000 May 2009 sold for £179,950 Stopping forfeiture. Approaching an estate agent that specialises in retirement properties is invaluable at this stage, as you will be more likely to get an accurate valuation that will help the property sell more quickly. These values are widely communicated across the business to ensure alignment with strategic aims and to actively encourage a culture that promotes teamwork, involvement and empowerment at all levels of the Group. McCarthy owner made profit. BUT If you look at an Assisted Living property (cleaner for one hour/week and lunch available etc.) What would this development be worth now? Don’t forget the original value would have been used as a valuation for re-mortgaging. The Freeholder is now Fairhold 7, purchasing 56 flats within a short period after completion. McCarthy & Stone is the leading housebuilder for retirement properties in the UK. charity (number: 1162584) with the Charities Commission.Website by Callia Web, DCLG stakeholders hear of ‘calamitous’ Law Commission report on exit fees, Huw Merriman calls for zero ground rents for retirement leasehold at prime minister’s questions, BetterRetirementHousing.com reports retirement resale disasters. So one way and another not a good investment, especially if the money is needed to fund nursing home fees at a later date. We have 23 properties for rent listed as: house mccarthy stone retirement, from £196. BUT If you look at an Assisted Living property (cleaner for one hour/week and lunch available etc.) Loss of 9%. Could the financial position of the freeholder have any bearing on leasehold values? With over 51,000 apartments built nationwide, it provides an impressive 70% of the UK’s total number of owner-occupied retirement and assisted living properties. Private. Moving into a McCarthy and Stone property is one … When you buy a resale apartment, you can start your retirement lifestyle in one of our pre-owned homes early. Loss 8.5%, One neighbour did better On 11 April, the Group reported a good response to the opening of its new sales outlets during Q1 of the calendar year. Profit 12%. Annual maintenance doesn't seem too bad, maybe because it's an older property. Likely loss of 16 per cent or more C urrently on the resale market is a two-bedroom McCarthy and Stone apartment in Burlington Court in Bridlington on the Yorkshire coast for £59,950. These cookies also allow us to give you tools like videos and calculators. September 2010 for £149,000 On BBCR4 MoneyBox today, My granny’s Audley Retirement home ‘was a money pit’ costing £48,000 in exit fees, The Times reports that families ‘lost £3 billion’ on resale of leasehold retirement flats, while developers and freehold speculators made millions, Private Eye reports challenge to ‘scandal’ of lease extension values, the research into re-sale values recorded on the Land Registry for retirement properties. October 2005 same flat sold £158,950 October 2007 sold for £221,604 This showed how values had changed over a specific period. About McCarthy & Stone Established in 1977, McCarthy and Stone is one of the leading providers of retirement accommodation in the UK, with numerous awards to their name. I told him I see a bigger story than the initial sales of the units which is the resale values of these properties. number: 08999652) is a company limited by guarantee that is a registered Some landowners are adjusting their expectations on land values. The family that founded McCarthy & Stone, the heavily indebted retirement homes builder poised to go into administration, is preparing a third tilt to buy back the company. The Times September 10 2016) reported, research by the Campaign against Retirement Leasehold Exploitation into re-sale values. You can use this 'Manage settings' feature to switch on or off certain types of cookies, although some cookies are necessary for our site to work correctly. Do Mc&S keep to their obligations? It exclusively builds retirement developments, and it offers three unique age-exclusive accommodation options: Retirement Living, Retirement Living PLUS and Lifestyle Living. Loss £30,000, 15%, Wider property region dropped by 2% in period, A flat currently advertised resale at £149,950 Not McCarthy & Stone though. 100 Holdenhurst Road,Bournemouth, Dorset BH8 8AQ. Culture & Values ★ ★ ★ ★ ★ ... not much time left for supporting homeowners yet sometimes their issues need a lot more time than given. Flat sold twice before: Find out more about functional cookies here. December 2006 sold for £200,950 History. Profit 11%, Late 2011 flat sold for £144,450 Purchased for £130k – 2005. The article, headed “Exit Fees – Poor Resale Values: I recently posted similar information regarding a McCarthy & Stone Development built 2005/06. Some retirement properties do hold their value, but sale prices can depend on a variety of factors other than trends in the wider property market. They are fixed for 15 years. Increases are then … Loss 22%, Flat currently on market for £119,950 About us McCarthy & Stone is the UK’s leading developer and manager of retirement communities. Type of Company. 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