RESIDENTIAL LETTINGS
EC ruling on service charges
Tenants in rented “This decision is likely to have a
residential property face big impact on both landlords and
a possible increase in tenants as there is a requirement
service charges from for UK VAT law to reflect the
15 per cent now to 17.5 per cent decisions of the European Court.
from 1 January 2010 following a As yet we do not know when
European Court ruling on Thursday HMRC is likely to adopt this ruling.
11 June. The European Court was They have typically allowed
asked to reach a decision following domestic service charges to be
a case in the Czech Republic, in treated as exempt from VAT even
which the tax authorities had when provided by a third party.
sought to tax the charges made by This exemption will probably have
a landlord for the cleaning of the to be dropped.
common parts in an apartment “This ruling will also present
block. The Court ruled that the problems for landlords, many of
cleaning of common parts of a whom are not VAT registered. They
building did not fall within the VAT will have to get to grips with an
exemption for let property and unfamiliar tax regime, with severe
represented a separate supply penalties for late payment. It is
subject to VAT. also likely to make it harder to
Terry Dockley, a VAT specialist at negotiate an increase in rents and
accountants James Cowper, said, service charges at rent reviews.”
RESIDENTIAL LETTINGS SOFTWARE
Harrods Estates reports uplift Whispers on websites
The ‘super prime’ London Competition for tenants drove Rumours that high profile and position in
lettings market is witnessing rents lower and pushed vacancies Thinkproperty the sector. Whilst the market
increased interest from tenants higher but this is changing – we will be sold off remains extremely challenging
in Knightsbridge, Chelsea and are seeing an uplift in super prime or scrapped for many agents, we will not
Mayfair. According to Harrods lettings. This is because of an are wholly compromise on our reputation
Estates, there is particular demand increase in sales activity and the untrue, says for customer service and
for high-end apartments in Middle Eastern holidaymakers, Mark Goddard, MD of GMG innovation and 2009 will see
Knightsbridge developments (who take short term leases on Property Services. “GMG many announcements from
with leisure facilities, concierge property) arriving earlier than Property Services continues the group, VebraLive being just
and parking. Karen Boland, Head usual, because the holy month of to be totally committed to the first.
of Lettings at Harrods Estates Ramadan will this year commence the UK property market “Following the launch of our
comments, “Earlier this year, during the third week of August.” which we are demonstrating free to list model, we continue
the level of stock far surpassed The pic above is of Pont Street by proactively launching to add an average of 500
demand, so prospective tenants Mews, just behind Harrods, to let new products reflecting branches a month and the site
were viewing twice as many at £2,950 per week. the changing market place. continues to be developed.”
properties as usual before making Speculation on what we do is
a decision, even then the offers
www.propertydrum.com/
a natural part of the attention www.propertydrum.com/
were coming in at a very low level.
articles/harrods
we receive because of our
articles/gmgproperty
CONSTRUCTION
Put the green Code on hold plea
One of the heap more costs on Housing
Midland’s Associations and developers to
largest meet tough ‘green’ standards
developers is just ridiculous.” The Code
of affordable measures the sustainability
homes is of a new-build home against
calling on the Government to nine categories of sustainable
delay the introduction of the design, rating the ‘whole
Code for Sustainable Homes. home’ as a complete package.
Ian Stimpson, MD of The Code uses a one to six
Northampton-based Augusta star rating system to rank
Developments says, “In the the overall sustainability of a Agency (HCA) grant funding new homes. Next year (2010)
current economic climate new home, setting minimum the Government made it the Public Sector will have to
the industry is already standards for energy and mandatory in 2008 for Public achieve a Level 4 rating, which
struggling to secure finance water use. In order to achieve Sector housing developers to Ian says will further stifle new
for developments and to Homes and Communities achieve a Level 3 rating on all development.
PROPERTYdrum JULY-AUGUST 2009 9
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