Breaking Property News – 08/03/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Gary Barker new CTO & COO of TM Group
Spoiler alert – I have worked closely with Gary on a number of projects with various companies and although he did not inform me until today of his new appointment, I can unreservedly say that it is a perfect fit for his talents.
Also following TM Groups’ recent acquisition by the AURELIUS, I have no doubt that young Gary will have a laser focused roadmap to galvanise its hidden value. Especially as now the property market at long last is focusing on quickening the transfer of title of property by various stakeholders and regulators, which plays directly into the strengths of his new employer.
As the ‘TM Group has an established presence within the UK property market, providing search aggregation services which are a key component of the UK conveyancing process. Searches supplied include Title, Local Authority, Water & Drainage and Environmental. Many searches are mandatory in any conveyancing process and all searches are charged by solicitors as a disbursement cost within the property buying process in the UK. The company has achieved a leading market position. TM Group generated revenues of GBP 62 million in 2022.’
In my experience there are less than a handful of people in the UK who understand technology, how to drive it into and through operations, and win the hearts and minds of the end user. Add to this Gary’s huge network of peer’s in the industry built over decades and his proven ability to execute what is required, I am sure that CEO Thomas Maerz and the rest of the c-suite will look forward to the next very positive chapter of the TM Group UK’s growth.
CREtech London announces free tickets with access to exhibit hall at MAGAZINE LONDON
‘Since our inception in 2017, CREtech has been dedicated to championing the tech visionaries shaping innovative solutions in the Built World. Our unwavering support to the real estate technology community has taken on new dimensions, particularly at CREtech London. Which again this year will be taking place at the MAGAZINE LONDON venue (SE10 0JH), just a 3-minute walk from North Greenwich tube) on the 8th and 9th of May 2024.
We are excited to introduce a groundbreaking initiative aimed at fortifying our ties with the real estate community and showcasing the invaluable contributions of our sponsors, who serve as the true catalysts propelling the future of the industry.
Embark on a journey of exploration within the Discovery Zone, where an eclectic mix of exhibitors and subject matter experts await—from climate tech innovations to smart building hardware and groundbreaking AI technologies. This exclusive, highly limited pass not only grants you 2-day access to our expo hall but also provides entry to our esteemed Innovation Stage.
Chancellor’s Spring budget hammers furnished Holiday Lets sector
As usual out of the blue a Chancellor of the Exchequer has a bright idea how to raise extra revenue, without thinking through the unintended consequences. Hammering private owners of holiday lets will lead to a decrease in supply and you guessed it an increase in the rents paid by holiday makers.
It would seem that the government is intent upon destroying the PRS, at every turn tightening up legislation to disadvantage the already heavily taxed and increasingly regulated property asset owner.
The full impact of Hunt’s ill-conceived policy will no doubt be another deadweight around second property owners’ necks. He is ending the current tax advantage for landlords who let short term furnished holiday properties over landlords those who let out residential properties on a longer standard term. Not only will this hit those in the holiday industry both sides, but it may make it uneconomical to run these properties on a different basis. Some initial reaction is given below,
Tom Adcock, Tax Partner at Gravita says “scrapping the Furnished Holiday Let scheme spells bad news for anybody who owns a holiday home/let. Traditionally, owners of these properties benefit from 100% deduction on the interest they incur on their mortgage interest as well as other tax reliefs such as the ability to claim capital allowances on furniture and white goods within their FHL.
However, from April 6th 2025, they will be treated as any other property business. While the government may have removed tax breaks for landlords, people shouldn’t forget this is still VAT applicable.”
On holiday let reform and CGT: Kersten Muller, property tax expert and Managing Director at Alvarez & Marsal adds: “At present furnished holiday lettings benefit from a more generous tax regime allowing them full relief for interest expenses. For investment properties this relief is restricted.
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