Posted Thursday 29th July 2021
As ministers attempt to tackle the fire safety concerns of residential buildings following the fire at Grenfell Tower in 2017, many flat owners have been left unable to sell or remortgage their flats. Plans to reform the regulations should help those stuck in lower-rise blocks.
Residential property sales his a new record in June with completions being more than double the total for May. Much of this has been put down to the rush before Stamp Duty reductions were removed. Despite the cost saving of Stamp Duty, the demand has pushed property prices even higher.
This month marks the UK’s first net zero week, a national awareness campaign aimed at reducing carbon usage. The UK is the first major economy to pass laws to ensure that our contribution to climate change ends, of which construction plays a large part.
Currently property contributes 22% of total emissions in the UK and with plans for homes to reduce energy use, the sector is in need of dedicated funding. Good news may be coming with a plan to securitise homes that have achieved an EPC grade A or B, releasing ‘green’ funding to the tune of £190bn.
A recent survey has found that the UK has the lowest profit margins in the construction sector. Amongst other English-speaking countries, competition in the industry has forced profits lower and lower to margins of approximately 3.9% on average.
This article is for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking or deciding not to take any action.
Joelson, the leading London law firm, has successfully advised the sellers of Pet Microchip Services Ltd (PMS) on its sale to Identi.
Joelson has advised the company and management of Addison Lee on its acquisition by ComfortDelGro, a leading multi-modal mobility operator.
