Increases are then … It seems the flats original purchase costs, includes these addition items, which are not part of the re-sale. If you’d like to sell your McCarthy Stone property call: Our driving ambition is to create retirement communities that enrich the lives of our customers, their families and our employees. Loss12%, February 2009 sold for £158,716 ... Glassdoor has 33 McCarthy & Stone reviews submitted anonymously by McCarthy & Stone employees. Urging reform. However, as with any property the value is affected by the local market which will go up and down. McCarthy & Stone is today issuing the following trading update ahead of reporting its final results for the year ending 31 August 2018. Profit 26%. Flat currently on market for £154,950 Find out more about functional cookies here. About McCarthy Established in 1864, McCarthy Building Companies, Inc. has a long history of building facilities that drive greater value. About us McCarthy & Stone is the UK’s leading developer and manager of retirement communities. Loss 25% over seven years, June 2012 another flat sold for £113,000 They offer specially priced packages for our clients and excellent customer service. Profit 11%, Late 2011 flat sold for £144,450 It reported a fall in value of £164,188 of a McCarthy and Stone flat at Risingholme Court, in Heathfield, East Sussex, from its original purchase price of £225,688 in April 2008. Our partners may also use information recorded by these cookies to see how well their adverts are performing. Those elderly pensioners purchasing the flats, are unaware of the drops in value. She is so much happier than she was in her previous property. They explain that Churchill no longer needs to be judged against its great rival. 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. June 2009 sold for £174,950 It was formed by John McCarthy and Bill Stone, who became partners in 1975, and focussed on building retirement properties … 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. 2. McCarthy & Stone accounted for about 70% of specialist retirement housing built in the UK last year, and it says it is in a strong position given the demand for such properties. Wider market’s growth, 9% for the period. June 2012 a flat in the complex fetched £220,000 McCarthy & Stone’s ground rents are fair and stable and set at the outset of the development. Now part of the Places for People Group, Girlings continues with the same ethics as it was founded but benefits from the support of the wider Places for People Group. 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. Despite this, the firm’s shares trade on a forecast P/E of 8.3 and a price/book value of 1.9. These cookies record your visit to our website, the individual pages you visit, the links you follow and the type of device you use. Los 22%, Recent McCarthy flat currently resale at £119,950 They are not suitable for people with significant care needs like advanced dementia. The development was built in 2003/04 not 2005/06 Recently in early spring 3 One Bed Flats were on sale in the same development for offers circa £75k? If you do not allow these cookies we will not know when you have visited our website and will not be able to monitor its performance. Mr McCarthy states that the Matthews had already begun the process of selling their house in Emsworth before contacting Churchill. They make grim reading. Avoiding disasters. Good properties in great locations for the elderly and the lease looks fine. Secretariat of the All Party Parliamentary Group on leasehold reform, September 10, 2016 //  by Sebastian O'Kelly. We depend on individuals for the majority of our funding. Stopping forfeiture. With an in-house team handling the sale, we take the stress out of the buying and selling process. Our use of these cookies might also mean that you see McCarthy Stone adverts when you visit Facebook. Cheapest 1 Bed Flat – sold new 2003 – £95k. We use this information to make our website more relevant to your interests. We have 23 properties for rent listed as: house mccarthy stone retirement, from £196. When you buy a resale apartment, you can start your retirement lifestyle in one of our pre-owned homes early. 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. April 2012 similar flat sold £180,000 Loss of 9%. 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. October 2007 purchased for £248,447 BUT If you look at an Assisted Living property (cleaner for one hour/week and lunch available etc.) Loss 27%, Northgate Court, Biggleswade, Bedfordshire, Recent McCarthy flat currently marketed for resale at £164,950 So one way and another not a good investment, especially if the money is needed to fund nursing home fees at a later date. The main developers are McCarthy Stone, Audley Retirement Villages, Richmond Villages and Retirement Villages. Records existed for properties in 11 of the 13 developments. 2018 Financial Performance. The following advertisements are from firms that seek business from leaseholders.Click on the logos for company profiles. 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. “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. After McCarthy & Stone were featured on Channel 4 Dispatches programme about their selling tactics, the producer of this programme contacted me for further comment. 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. 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. Headquarters. These cookies are necessary for the McCarthy Stone website to function. July 2008. sold for £166,261 The procedure was very much helped by the “package” offered by McCarthy & Stone under which Isobel bought only 75% of the equity of the apartment, thus releasing the excess capital value of the house she was selling, and also had the guaranteed sale of her home with no … October 2007 for £172,351 Not McCarthy & Stone though. Our driving ambition is to create retirement communities that enrich the lives of our customers, their families and our employees. The most expensive flat was sold for over £188k not £180k, Flat 40 One Bed Don’t forget the original value would have been used as a valuation for re-mortgaging. Some landowners are adjusting their expectations on land values. Category: Latest News, News, Press, RetirementTag: Audley Retirement, Churchill Retirement Living, McCarthy and Stone, Pegasus, Retirement, Retirement Security Limited, Retirement villages. Or are ill/fall. Previously sold in August 2008 for £249,950 ie when they have dementia. McCarthy & Stone Plc, Britain's biggest builder of homes for retired people, said its London debut had been priced at 180 pence per share, valuing the business at 967 million pounds. In another complex in Surrey, with day-manager only, service charges for a two-bedroom flat are slightly higher - … On 11 April, the Group reported a good response to the opening of its new sales outlets during Q1 of the calendar year. McCarthy & Stone, the retirement home developer, yesterday said it had spurned a takeover bid from John McCarthy, its chairman and co-founder. 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. September 2009 sold for £169,850 Hurrah! Do Mc&S keep to their obligations? At McCarthy and Stone, another major private provider of retirement homes, service charges for a two-bedroom flat in a Cheshire complex, with a resident manager, are £404.28 a quarter. The article, headed “Exit Fees – Poor Resale Values: I recently posted similar information regarding a McCarthy & Stone Development built 2005/06. Others have threatened to hold onto sites and await a different policy and political context to release them into the market. What would this development be worth now? March 2008 previously sold for £229,678 100 Holdenhurst Road,Bournemouth, Dorset BH8 8AQ. Do Mc&S keep to their obligations? By clicking "Accept all" you agree to our use of cookies or, you can click on the list items to find out more and manage your preferences. That’s cheaper than several comparable rivals. The information used by McCarthy Stone can give you a more personalised experience on our site. October 2005 same flat sold £158,950 When we use the information from these cookies it is grouped together and therefore anonymous. From House Managers to Construction Directors – they sent in the principles they personally hold dear. December 2006 sold for £200,950 1. As specialists solely in McCarthy & Stone managed retirement apartments, you can be confident that everything you need is taken care of. 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. October 2007 sold for £221,604 Annual maintenance doesn't seem too bad, maybe because it's an older property. The Elderly Accommodation Counsel also carries details of properties for sale on its website. McCarthy owner made profit. Sounds like McCarthy and Stone wanting to increase their profits even further. If you do not allow these cookies, you may see more content and adverts that do not match your interests. With an in-house team handling the sale, we take the stress out of the buying and selling process. September 2010 same property achieved £375,000, April 2010 another flat sold previously £228,950 The owners of McCarthy and Stone have voted for a plan which would see the company taken over by a US private equity firm. Wider market for the region, rose by 3% same period, Flat currently advertised for resale at £395,000 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. McCarthy & Stone, the retirement home developer, yesterday said it had spurned a takeover bid from John McCarthy, its chairman and co-founder. Plus they take an eternity to sell. ... says Daily Mail McCarthy without Stone: ... although retirement housebuilders’ do their … Purchased for £130k – 2005. The precipitous fall since March has pushed them significantly below net current asset value per share. Find out more about strictly necessary cookies here. The Times today (September 10 2016) reports the research into re-sale values recorded on the Land Registry for retirement properties. Sold for £62k – 2010, Flat 47 One Bed Loss 8.5%, One neighbour did better As a former Housing Manager for Help the Aged and a Director of McCarthy & Stone Care services, Peter spotted the huge gap in the property market to offer retirement property to rent. Open Data Institute Could the financial position of the freeholder have any bearing on leasehold values? May 2007 sold for £158,613 McCarthy & Stone Properties Ltd. McCarthy & Stone Properties Ltd. McCarthy & Stone Properties Ltd. Overview. The precipitous fall since March has pushed them significantly below net current asset value per share. 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. Often. April 2012 Similar flat sold for £140,000 The boys have built up a successful business of their own, which, with nearly 90 staff and 89 retirement units sold in the 12 months to November, is the clear second in its market. McCarthy & Stone’s shares have fallen from 290p in 2016 to 72p. It seems to take ages to get things done in a reasonable time. To deal with all legal matters, we will recommend you a panel of solicitors that is familiar with retirement properties and has regularly worked with McCarthy & Stone. 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. A One Bed Flat was selling for circa £135k in 2006, Two Bed Flats for £180K. @Floradora9 - McCarthy & Stone have asked us to pass on the following: “While the value of retirement housing is more than simply financial, the majority of our properties sell for more than they were bought for. Wider local housing market prices fell 0.44% in the period, 2012 McCarthy flat currently marketed at £130,000 The one very positive thing is the help and comradeship that is provided by our House Manager Sadia Chant. Loss 22%, Flat currently on market for £119,950 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.”. There is a very well known builder of retirement properties, McCarthy and Stone. The results are detailed below. Leasehold Knowledge Partnership But, it says in a new report, older people wanting to downsize find their options limited, and moving expensive. McCarthy & Stone’s ground rents are fair and stable and set at the outset of the development. 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. Here’s what you can try to find more properties: 8. September 2010 for £149,000 We use small files called cookies to personalise your experience of our website, improve its performance and show you more relevant content. May 2009 sold for £179,950 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. Given her infirmities and those of Stan, she declined to do this. It was formed by John McCarthy and Bill Stone, who became partners in 1975, and focussed on building retirement properties from 1977. September 2010 sold £195,000 It will have a marked effect on McCarthy and Stone, according to an article in […] 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. 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). When McCarthy & Stone built the development, it sold the flats as leasehold and retained the freehold. Kings Place McCarthy & Stone is the leading housebuilder for retirement properties in the UK. 2008 Same flat sold £266,950 Stay in Touch BUT If you look at an Assisted Living property (cleaner for one hour/week and lunch available etc.) McCarthy & Stone has agreed to be bought by US private equity group Lone Star in a deal that values the retirement housebuilder at £630m. number: 08999652) is a company limited by guarantee that is a registered July 2007 sold for £107,500. We consulted with our 1,000 colleagues to discover what they believe the values of the company are. This showed how values had changed over a specific period. Purchased for £129k – 2007 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. From these figures it can be seen that McCarthy & Stone flats have in general lost large amounts from the original sale. Examples of this include setting your privacy preferences or filling in forms. “It’s just the demands, expectations and demographics are now so much bigger and higher that it makes complete sense for developers to cater for them.” 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. McCarthy & Stone argues that if it is not allowed to continue to sell its homes on a leasehold basis and charge ground rent, it would have to charge more up front. Dearest 2 Bed Flat – sold new 2004 – £187k. This is in spite of the hard sell, the dismal capital values and they fact that McCarthy and Stone draws … The Freeholder is now Fairhold 7, purchasing 56 flats within a short period after completion. McCarthy Stone properties are designed for active independent living. Culture & Values ★ ★ ★ ★ ★ ... not much time left for supporting homeowners yet sometimes their issues need a lot more time than given. Focus on contributing to an excellent experience for our customers, Work to inspire and motivate colleagues, working together, Put energy into making us the best we can be, Personal responsibility for high achievement throughout the business, Promote team working through your own commitment to team goals, Take responsibility for the safety of yourself and others, Be true to company values – Do the right thing, Look for innovative solutions that will enrich the lives of our customers, Develop great ideas that make us the best, Actively share your expertise and knowledge with colleagues, Be open to new ideas and ways of doing things, Be determined to deliver to the highest standards, Always keep things simple for our customers, Go ‘the extra mile’ to deliver excellent results, Build effective relationships based on trust and respect, Continuously develop your own skills and knowledge. I have re-checked at the local development and some of the information I was provided, needs adjusting. 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. The flats that have lost most value, have Lifts, Communal Rooms, Laundry’s and Corridors with Stairs. 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. I'm not comfortable with the purchase, but I've already vetoed one, on the grounds that it was only 75% ownership. We are delighted that you are very happy in your apartment and with your lovely tribute to Gail, your House Manager. Loss £70,000 in four years (28 per cent). (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. 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