 Purple Bricks Land and New Homes - MPG Blog School holidays didn’t keep our members away as MD Jason Ropergot proceeding underway at June’s MPG event with his usual unique and relaxed way of hosting to disarm the room and make way for our guest speakers. First up to speak this month was Chris Oxley of UHY Hacker Young who was thrown in at the deep end last minute by a colleague (stuck in a client emergency) to provide a brief overview of ‘going digital’, a key subject which will affect all business very soon. Chris dipped into the ranges of software available to business and the reason most businesses will still need an accounting firm to assist, regardless of how revolutionary this new way of accounting is perceived to be.  With these huge industry changes you are almostcertain to encounter hurdles somewhere along the journey, but in the long run it will be a huge step which us much needed to keep up with ever evolving technologies. If you have any questions please contact Chrisby email: -[email protected] Next was the main event, speaking on behalf of MPG Partners Purple Bricks was Director and Head of Land & New Homes Stuart Richards who’s aim was to provide our members and overview of their restively new Land & New Homes Division. Starting with the basics, Stuart gave simple yet informative history of Purple Bricks as a whole business producing some amazing statistics for a business which is little over half a decade old. The pure scale of the business, the number of listing and sales, the worldwide expansion and record breaking Trust Pilot Reviews all telling an impressive tale of their own.  Then Stuart moved to focus his attention on the Land & New Homes Division which he heads up nationally, the side of Purple Bricks which has most potential to connect with MPG Members and Partners. This division of the business is even newer, just two years beyond conception yet going strongly in the right direction. From his experience, some key tools which tend to appeal to developers when selling through Purple Bricks include the online app and booking system enabling developer to arrange and change viewing by contacting the purchaser via their app, the app also allows for feedback to be collected and processed efficiently. The cost of selling new homes through Purple Bricks can also be a huge are of saving for a developer, their fees are set solid and payment options can easily be discussed to suit particular.  To finish with, Stuart opened up a Questions & Answers opportunity, he openly admitted he was expected tricky questions, however, he was willing to answer with total transparency. Questions included the recent announcement that they were pulling our of the Australian market, to which he explained the model just wasn’t completely suited to the property market out there and rather that continuing to burn cash they made the commercial decision to pull out, this isn’t to say they won’t re explore at some time in the future just not right now. This was also used to explain the recent share prices. If you are interested in selling your development with the help of Purple Bricks or for further information please contact Stuart Richards ([email protected])or Adam Docwra ([email protected]) The winner of this month’s champagne draw sponsored by Landmark Investments was guest member Michelle Thorniley of the LK Group, with the meal for two at Albert’s going to Dean Gormley of Irwin Mitchell. We look forward to seeing you all at our next event taking place on Thursday 4th July when we will be joined by Michael Brennan, Founder & CEO of Toot Toot. If you are not a member but are interested to get involved with MPG please contact us today [email protected] and we would be more than happy to provide information on our membership options and upcoming vents. We look forward to seeing you all in July!!! 
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 On 22 November Chancellor Philip Hammond delivered his first Autumn Budget. The Budget had good news for the residential building sector as the Chancellor set an ambitious target of building 300,000 new homes per year – a target which has not been met since the 1970s.
The Chancellor placed a further £15.3 billion in new financial support to house builders, bringing the total to £44 billion. This included £1.2 billion for the Government to buy land to build more homes and £2.7 billion for infrastructure which supports housing. This target will be difficult to reach, especially with developers’ margins being reduced to increase costs with shortages of trainee staff, funding and materials. The Chancellor hopes the increase in the number of homes will reduce house prices to allow housing to become more affordable. This would seem to be counterproductive. The reduction of Stamp Duty Land Tax (SDLT) for first time buyers is welcome. The first £300,000 will be exempt from all duty and the next £200,000 will be at the reduced rate of 5%. While this will assist the market, note that this only applies to England and Northern Ireland, plus Wales until March 2018, who will then follow Scotland on having their own SDLT system. There were also some negatives for the property industry in the Budget, including a crackdown on empty houses, with the Chancellor announcing that councils will be able to charge 200% of the normal council tax rate to unoccupied properties. For property investment companies the allowance for inflation on the cost of property will stop in December 2017 so future Capital Gains Tax within companies will increase. Overseas landlords on commercial properties will be subject to UK Capital Gains Tax from April 2019. It is proposed that only the gains from April 2019 value will be chargeable. Additionally, overseas landlords operating as a company will switch from paying UK Income Tax to paying Corporation Tax. This allows the current interest restrictions and loss relief provisions to apply. The plan is to roll this out in April 2020. For private landlords there is to be a review of the ‘Rent a Room’ relief and its future, whilst there was a relaxation of rules for property rental businesses to allow them to claim mileage rates from April 2018. If you wish to discuss how these changes may affect your specific circumstances, please contact me or another member of the team. |
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