An analysis of Land Registry data has shown that three-quarters of the flats built by Churchill Retirement – owned by the McCarthy family who founded McCarthy and Stone – have resold at a loss, according to The Times. Only a quarter of Churchill Retirement flats resold for profit, with an average gain of 10% or £23,000. Repeating a business model pioneered by McCarthy and Stone, Churchill Retirement sells independent living leasehold flats, with a part-time housemanager and some communal areas such as a lounge and kitchen. It found that 1,400 of these properties had resold at least once after they were first purchased from the company. Their collective value fell from £328 million to £291 million, a loss of £37 million, the newspaper reports.

Source: The Times October 05, 2023 10:54 UTC