Gloria Hunniford cuts ties with controversial retirement home developer
TV star Gloria Hunniford is cutting ties with a leading retirement home provider amid growing scrutiny of the sector.
The Rip-Off Britain presenter has confirmed she will no longer work with McCarthy Stone after years of being paid to open new developments.
The move comes after an investigation revealed that nearly 60pc of McCarthy Stone flats have significantly fallen in value when re-sold, leaving owners £41,000 worse off on average.
McCarthy Stone is one of the country's biggest retirement home developers, with 543 villages housing more than 21,500 people.
It has hit headlines in recent years as families struggle to sell on the properties, which can only be purchased by buyers over 60.
A spokesman for the presenter told The Telegraph 'she has no further planned dealings with this company, particularly in the light of the information raised'.
She has repeatedly appeared as the guest of honour at McCarthy Stone openings across the country, most recently Bluebell House in Milton Keynes in 2023. At the time, she said it was 'an absolute joy to be a part of the celebrations'.
Her appearances also included meet and greets for the guests.
An investigation by the Times last month found that one in 50 McCarthy Stone homes have lost more than half their value when resold. The average loss is 16pc for properties built between 2010 and 2019, while the Halifax house price index grew by 42pc over the same period.
It comes after The Telegraph heard from dozens of readers who complained their retirement properties were 'impossible to sell' because of their high fees which have become the norm across the industry.
As of 2019, there were 730,000 retirement housing units in the UK, according to the Elderly Accommodation Counsel.
But in recent years, their appeal has dramatically waned as complaints mounted among those early buyers. This is due to their service charges, which are payable whether or not the property is lived in.
One reader has been stuck paying £3,546.96 service charge and £395 ground rent annually since her mother passed away in 2022. The property – which was run by a separate retirement home provider – has sat on the market for three years despite her lowering the price.
Owners must also pay ground rent, generally between £400 and £500 per year. Ground rent has since been banned on the sale of new retirement homes but this does not apply to resales.
The issue has been compounded by the double council tax raid on second home owners which has swept up the families inheriting these properties.
McCarthy Stone told the Times the majority of its flats increase in value once its financial incentives are taken into account, adding its charges are tightly regulated. The company declined to comment further when contacted by The Telegraph.
Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
UK business confidence levels hit highest since 2015, Lloyds says
LONDON (Reuters) -Confidence levels among British employers hit a fresh nine-year high this month as companies became more optimistic about the outlook for the economy, according to a survey published on Monday. The Lloyds Bank Business Barometer rose by one point to 51%, the highest since November 2015, adding to an 11-point jump in May following a tumble in April when U.S. President Donald Trump announced a big jump in import tariffs, many of which have since been suspended. The survey's measure of economic optimism touched a 10-month high, rising by a point after a 16-point increase in May. Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said a rise in hiring intentions - with 60% of firms expecting higher staffing levels in the coming year - suggested employers were starting to prepare for future growth. The Bank of England is watching Britain's jobs market closely as it tries to gauge how much inflation pressure remains in the economy. Governor Andrew Bailey said last week that he saw signs of a slowdown in the labour market, due in part to the government's tax increase for employers, which began in April. But the Lloyds survey showed wage growth expectations rose for a second month in a row, with 36% of respondents forecasting average pay increases of 3% or more. Separate figures published by jobs website Adzuna showed UK staff vacancies edged down in May from April but rose by 0.5% compared with May last year, the third such increase in a row after more than a year of falls. "May reinforced the sense that the job market in the UK is gradually regaining its footing," said Andrew Hunter, co-founder of Adzuna. The Confederation of British Industry (CBI) said its gauge of expectations among businesses about the economy over the next three months were less negative than in May but remained weak after the tax increase on employers and geopolitical upheaval. "Companies are still grappling with higher employment costs, cautious spending behaviour on the part of households and increasing global uncertainty," said Alpesh Paleja, the CBI's deputy chief economist. (Writing by William Schomberg;Editing by Helen Popper) Sign in to access your portfolio
Yahoo
2 hours ago
- Yahoo
UK watchdog to ease rules on investment advice
LONDON (Reuters) -Britain's financial regulator said on Monday it will make it easier for investment firms to give customers support with their pensions and investments, a move broadly welcomed by finance firms who had complained about the current strict rule book. Under existing rules investment firms are restricted in how much support they can give customers outside of more highly regulated financial advice. This created an "advice gap" for those unable to afford the regulated advice, firms had said. The Financial Conduct Authority (FCA) plans to create a new category of help for consumers called "targeted support" allowing firms to make suggestions to certain groups such as those not saving enough for retirement or holding excess cash. The FCA said it also planned to ease rules for simplified advice, but added that there would remain a place in the industry for full financial advice. The watchdog will consult on the proposed changes before introducing them next year. "We want to help consumers navigate their financial lives and plan for the long term," said Sarah Pritchard, deputy chief executive of the FCA. "Some of the most difficult financial decisions we face are how to save, invest and prepare for a comfortable retirement." Investment firms welcomed the proposals but said the new rules had to be clearly defined and any potential penalties properly understood. "The advice gap has been acknowledged for years, but never properly addressed. The FCA has great ambitions, and this seems like the best chance in a generation to tackle the problem," said Verona Kenny, chief distribution officer at Aberdeen Adviser. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
UK business confidence levels hit highest since 2015, Lloyds says
LONDON (Reuters) -Confidence levels among British employers hit a fresh nine-year high this month as companies became more optimistic about the outlook for the economy, according to a survey published on Monday. The Lloyds Bank Business Barometer rose by one point to 51%, the highest since November 2015, adding to an 11-point jump in May following a tumble in April when U.S. President Donald Trump announced a big jump in import tariffs, many of which have since been suspended. The survey's measure of economic optimism touched a 10-month high, rising by a point after a 16-point increase in May. Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said a rise in hiring intentions - with 60% of firms expecting higher staffing levels in the coming year - suggested employers were starting to prepare for future growth. The Bank of England is watching Britain's jobs market closely as it tries to gauge how much inflation pressure remains in the economy. Governor Andrew Bailey said last week that he saw signs of a slowdown in the labour market, due in part to the government's tax increase for employers, which began in April. But the Lloyds survey showed wage growth expectations rose for a second month in a row, with 36% of respondents forecasting average pay increases of 3% or more. Separate figures published by jobs website Adzuna showed UK staff vacancies edged down in May from April but rose by 0.5% compared with May last year, the third such increase in a row after more than a year of falls. "May reinforced the sense that the job market in the UK is gradually regaining its footing," said Andrew Hunter, co-founder of Adzuna. The Confederation of British Industry (CBI) said its gauge of expectations among businesses about the economy over the next three months were less negative than in May but remained weak after the tax increase on employers and geopolitical upheaval. "Companies are still grappling with higher employment costs, cautious spending behaviour on the part of households and increasing global uncertainty," said Alpesh Paleja, the CBI's deputy chief economist. (Writing by William Schomberg;Editing by Helen Popper) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
