McCarthy & Stone welcomes ground rent cap proposal

By Hamish Champ2018-10-19T11:43:00

Mc carthy stone salisbury view2 st05 print

Group says proposed exemption will help it develop better facilities for retired people

Retirement homes builder McCarthy & Stone has welcomed proposals by the government to exempt properties built for retirees from a planned cap on ground rent.

The firm has long campaigned for the exemption, claiming the retirement sector capitalises and sells the ground rent income “to recover much of the construction costs of the significant shared and communal areas within its developments that are integral to the retirement living lifestyle”.

“The proposal recognises the unique way the sector uses ground rents compared to the mainstream housebuilding industry,” it added.

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