BREAKING NEWS – top 5 stories 16/06/2021
BIG DEVELOPER SETS ASIDE OVER £10M TO COVER POSSIBLE CLADDING AND FIRE ISSUES
Willmott Dixon has put another £5M plus in a fund that already had almost the same amount in it, specifically to be used to deal with any upcoming problems relating to buildings they erected which may need remedial work. The monies will be there, to sort, if necessary, problems arising from remedial cladding works or fire safety protocols.
It seems that the shadow of Grenfell, now four years ago, will cast itself across all of the construction industry as well as the poor owners of sub-standard properties, and all of the other stakeholders in this mess.
DOWNSIZING THE MORTGAGE – NOW TRENDING
In their latest report the Building Societies Association, revealed that just over half of those polled were moving to get a smaller mortgage. So either a smaller property in the same area, or moving districts altogether to have a similar sized property but at a cheaper price.
Other trends spotted were that over seven out of ten people asked, were moving to get a larger garden or a bigger plot, with six out of ten saying they wanted to get to live in a less built-up area. Clearly the pandemic, lockdown and WFH has focused minds’ on what is important.
HIPS WILL NOT BE RESURRECTED SAYS LAW COMMISSION – UPFRONT INTEL MAY BE GOOD
A consultation by The Law Commission with a closing date of the 31st of July is looking into the upside of gaining a lot more property/legal information ahead of a sale being agreed.
For those who remember the failed HIP’S (Home Information Packs) saga, the spokesperson for the commission bats the idea of HIPS being resurrected away, Nick Hopkins says ‘We’re not digging up that coffin … (and) take a fresh look at how to do what HIPs were trying to achieve but how to achieve that differently.’
GETGROUND A SOLUTION FOR PRIVATE LANDLORDS WANTING A COMPANY SET UP – SCALES UP
GetGround a digital platform that acts as a one stop shop for Landlords who want to do so under a limited company umbrella, rather than as a private landlord, has reported brisk growth. It now has over 3,500 landlords who have used its services. Which means that instead of having to work out the red tape, an individual can in less than an hour have a limited company vehicle set up ready to accommodate BTL properties.
Given that nearly two thirds of investment letting properties last year were done so using a limited company structure it looks like GetGround is scaling up quickly.
ANIL SABOO HEAD OF FINTECH AT GOOGLE STEPS DOWN AND JOINS CYPTO BAKKT
In what has been seen as a strategic move, luminary Anil Saboo the top man of Fintech and FS for the behemoth Google, has now jumped ships and will be very much in the mix at Bakkt a cryptocurrency enterprise which already has a high market capitalisation.
If you have a view – please let us all know by emailing me at [email protected] – Andrew Stanton Executive Editor – moving property and proptech forward.