June 2012 flat sold for £190,000 US private equity giant Lone Star has made an offer to acquire McCarthy & Stone in a deal that values the UK retirement housebuilder at around £630 million. Or are ill/fall. McCarthy & Stone bosses take pay cut to preserve cash Pui-Guan Man 25/03/2020 | Investment/finance Print Download Retirement home developer and manager McCarthy & Stone’s board and leadership team have agreed to voluntarily reduce their basic salaries by 20%, as part of cash-saving measures during the coronavirus pandemic. Good properties in great locations for the elderly and the lease looks fine. 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. In another complex in Surrey, with day-manager only, service charges for a two-bedroom flat are slightly higher - … My last newsletter explained that McCarthy and Stone was valued by Mr Market at less than net current asset value (I bought at 72p last week).The main reason for the plunging share price is fear among investors that MCS will, for months or years, not be able to sell its apartments. In response, McCarthy & Stone said most properties resold so far in 2016 had increased in value and about one-third of all its properties “outperformed their local market”. On 11 April, the Group reported a good response to the opening of its new sales outlets during Q1 of the calendar year. If you do not allow these cookies, you may see more content and adverts that do not match your interests. Good properties in great locations for the elderly and the lease looks fine. Loss12%, February 2009 sold for £158,716 Campaign against Retirement Leasehold Exploitation has asked both McCarthy and Stone and Churchill Retirement Living for data that demonstrates price increases at sites constructed between 2000 and 2014. 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. Stopping forfeiture. The sale is likely to value McCarthy & Stone at about £1bn, though the company declined to discuss the valuation. October 2007 sold for £221,604 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 and Pegasus. Our company values consist of five cornerstone principles: passion, responsibility, innovation, determination and excellence (PRIDE). Loss of 9%. September 2010 same property achieved £375,000, April 2010 another flat sold previously £228,950 1. September 2009 sold for £169,850 Unhappy McCarthy & Stone retirement flat- rent suddenly increased Liz The only legal way a ground rent can increase is via the terms of the lease. Loss 18%, Recent McCarthy flat currently marketed for £140,000 After McCarthy & Stone were featured on Channel 4 Dispatches programme about their selling tactics, the producer of this programme contacted me for further comment. This is in spite of the hard sell, the dismal capital values and they fact that McCarthy and Stone draws … They make grim reading. Previously sold in August 2008 for £249,950 I have re-checked at the local development and some of the information I was provided, needs adjusting. McCarthy & Stone’s shares have fallen from 290p in 2016 to 72p. October 2007 purchased for £248,447 Wider local housing market prices fell 0.44% in the period, 2012 McCarthy flat currently marketed at £130,000 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, saying: “People who buy retirement properties should expect that they will hold their value; too often this is not the case.”. Open Data Institute Furthermore, the main current assets (valued at £709m) are properties held by the company either ready for sale apartments to elderly folk, rentable assets or land with planning. Homeowners or the Power of Attorney are free to instruct whom they wish to sell their property and are under no obligation to use McCarthy & Stone’s Resales service. Many thanks for your review, we always value our customers' time and effort when sharing their first-hand experience living with McCarthy & Stone. From House Managers to Construction Directors – they sent in the principles they personally hold dear. July 2007 sold for £107,500. When you buy a resale apartment, you can start your retirement lifestyle in one of our pre-owned homes early. Wider market’s growth, 9% for the period. Others have threatened to hold onto sites and await a different policy and political context to release them into the market. Loss 18%, 11 Months ago most recently flat sold for £147,000 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. Right decision or not, the boys say they have got McCarthy & Stone out of their system. These cookies record your visit to our website, the individual pages you visit, the links you follow and the type of device you use. McCarthy & Stone, the specialist retirement property developer, is currently advertising 239 developments on its website (as of October 2012). We have 23 properties for rent listed as: house mccarthy stone retirement, from £196. Advising leaseholders. Records existed for properties in 11 of the 13 developments. Wider market for the region, rose by 3% same period, Flat currently advertised for resale at £395,000 Sort: List. Not McCarthy & Stone though. Wider local market fell 13% in the period. It seems the flats original purchase costs, includes these addition items, which are not part of the re-sale. McCarthy & Stone is the leading housebuilder for retirement properties in the UK. October 2007 for £172,351 2. EXIT FEES Some companies charge a fee of between 0.25-12.5 per cent of the property’s value when a home is resold. Los 22%, Recent McCarthy flat currently resale at £119,950 The flats that have lost most value, have Lifts, Communal Rooms, Laundry’s and Corridors with Stairs. The Times today (September 10 2016) reports the research into re-sale values recorded on the Land Registry for retirement properties. So one way and another not a good investment, especially if the money is needed to fund nursing home fees at a later date. It will have a marked effect on McCarthy and Stone, according to an article in […] However, as with any property the value is affected by the local market which will go up and down. The second hand value of such property is such that the move to such accommodation is a poor investment for anyone concerned about passing on an inheritance. This showed how values had changed over a specific period. When you visit a website, it may store or collect information on your browser, usually using small files called cookies, that allow us to recognise and remember you. 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. 2018 Financial Performance. ... says Daily Mail McCarthy without Stone: ... although retirement housebuilders’ do their … Increases are then … 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. We are delighted that you are very happy in your apartment and with your lovely tribute to Gail, your House Manager. Culture & Values ★ ★ ★ ★ ★ ... not much time left for supporting homeowners yet sometimes their issues need a lot more time than given. 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. The Times September 10 2016) reported, research by the Campaign against Retirement Leasehold Exploitation into re-sale values. Some developers like McCarthy & Stone offer a re-sales service. We use this information to make our website more relevant to your interests. (Prior to the Corona virus which has put the activities on hold for the moment) She also appreciates the safety, security and privacy which her apartment gives her. Avoiding disasters. On the negative side, McCarthy and Stone could do much better when maintenance is required. McCarthy & Stone’s ground rents are fair and stable and set at the outset of the development. McCarthy & Stone responds to publication of new national planning guidance for older people 26 Jun 2019 McCarthy & Stone, the UK’s leading developer and manager of retirement communities, has responded to today’s publication of new national planning guidance for councils on older and disabled people’s housing by the Ministry of Housing, Communities and Local Government (MHCLG). Was in her previous property maybe because it 's an older property formed by John McCarthy and Stone property whatever! Good properties in great locations for the McCarthy Stone website to function it was formed by John McCarthy Bill... Retirement properties in the same development for offers circa £75k Stone offer a re-sales service explains property expert Mead... August 2018 builds retirement developments with an in-house team handling the sale, we take the stress out of system... Your House Manager Sadia do mccarthy and stone properties hold their value everything you need is taken care of and down 10, //! 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