Apartment sales halve as cladding scandal forces lenders to withdraw mortgages

first_imgSales of apartments in the UK halved during September, latest figures from the Land Registry reveal, as confidence in the flats market tanks as many lenders reject mortgage applications to buy apartments within blocks.The data was published in a national newspaper yesterday, which reveals that during September sales of apartments reduce by 46% or from 11,500 during the same month in 2019 to 5,600, one of the most dramatic drops in demand for property seen since the 2008/9 financial crisis.“These are shocking numbers,” TV presenter Phil Spencer (pictured) told The Sunday Times. “It’s like taking half the first rung of the housing ladder away, which takes half of the second rung away, which takes part of the third rung away, and so on.”Part of the reason for this drop is likely to be the weak sales pipeline following the re-opening of the housing market in May; for example, house sales were also down in September. But only by 26%.The rest of the apartment sales plummet has been blamed squarely on the cladding scandal.Despite government action to help apartments owners within some of apartment blocks identified as most at-risk and fitted with most dangerous kind of ACM cladding, many thousands of apartment owners have become stuck in their properties – unable to remortgage and stymied by lenders who won’t lend to potential buyers.ACM cladding“The banning of unsafe ACM cladding and concerns about the fire risk of other types of cladding has made it difficult to assess the value of properties in high-rise blocks,” says Michael Jupp of lender trade association UK Finance.“Without knowing what type of cladding and fittings have been used, how they were put up, whether remedial work is needed, and who will be paying for it, lenders and valuers have found it hard to understand what the value of a particular property is, meaning homeowners have been having difficulty remortgaging or selling their home.”ACM Michael Jupp cladding acm cladding Phil Spencer January 18, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Apartment sales halve as cladding scandal forces lenders to withdraw mortgages previous nextRegulation & LawApartment sales halve as cladding scandal forces lenders to withdraw mortgagesLatest monthly data from Land Registry shows flat sales nearly halved during September compared to last year.Nigel Lewis18th January 202102,109 Viewslast_img read more

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first_imgA funeral mass was offered April 18 at St. Ann’s R.C.C. in Hoboken, for Cosimo DeBari, 86, of Weehawken. He passed away April 11 at his home surrounded by his family. He was born in Molfetta, Bari (Italy), to the late Francesco and Dorothea. He was an iron worker for Hackensack Steel Stairs Manufacturing for almost 40 years before retiring. Survivors include his wife Theresa DeBari, to whom he was married for 56 years, and his children: Frank and his spouse Alexa, Dorothy, AnnMarie and her spouse Michael; brother of Maria Farinola, Isabella Minervini and Donato DeBari; six grandchildren: Christina, Lauren, Frankie, Stephanie, Anthony and Julianna. Services arranged by the Leber Funeral Home, Union City.last_img read more

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Shearwater wraps survey over Shell’s Pensacola prospect

first_imgShell has completed a broadband 3D seismic survey extending to approximately 420 km2 over the Pensacola prospect on Licence P2252 in the Southern North Sea, offshore the UK.Cluff Natural Resources, Shell’s partner in the block, said that the seismic contractor Shearwater had completed the survey on August 21. The survey started on August 4, using the Polar Empress vessel.As Offshore Energy Today previously reported, Cluff Natural Resources in February entered into a farm-out deal and a three-month exclusive option with Shell in relation to the company’s Southern North Sea Licenses P2252 and P2437, respectively.On May 30, UK’s OGA approved the farm-out of License P2252 to Shell. Shell was assigned a 70 percent working interest in License P2252 and appointed as License Operator and Cluff retained a 30 percent non-operated interest in the license.Under the terms of the farm-in agreement, Shell is paying 100% of the costs of the Pensacola seismic acquisition, processing and interpretation work program until the end of 2020 or until a well investment decision is made.“The partnership is still on course to meet the timelines agreed with the Oil and Gas Authority (“OGA”) and a decision on the contingent well commitment is expected to be taken in the second half of 2020,” Cluff said on Thursday.According to Cluff statement on Thursday, the collected data will be processed, along with the existing legacy dataset, to pre-stack depth migration (‘PSDM’) with the final results expected to be received by early Q3 2020.The Pensacola prospect is estimated to contain gross P50 Prospective Resources of 309 BCF in an untested Zechstein Reef.Commenting, Cluff’s Chief Executive Graham Swindells said: “We would like to thank Shell and Shearwater for completing a safe and efficient acquisition program in what were challenging weather conditions for this time of year. The PSDM datasets represent a key step towards the drilling of an exploration well on the Pensacola prospect and we look forward to receiving the final products in due course.”“While awaiting delivery of the newly acquired seismic data, we continue to work with Shell on license P2437 as we progress the Selene prospect towards a drilling decision,” Swindells said.last_img read more

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