NEWSbeat


INTERNATIONAL Turkey: not just


for Christmas! After a difficult couple of years it looks like Turkey is popular again this season. Not


BLOCK MANAGEMENT


ARMA initiatives will fill the coalition void


500 property professionals attended the Association of Residential Managing Agents (ARMA) Conference in London on 4th November. They heard how the Association aims to tackle the void created by the Coalition’s decision not to proceed with statutory regulation of the residential sector and to drop the much awaited and needed new requirements relating to accounting for lessees’ money. The delegates manage between them one million leasehold flats in 40,000 blocks, representing the majority of the managed sector. David Hewett, ARMA’s chief


executive, announced that the Association would be carrying out a full review of its self-regulatory role regarding its members, “This with the purpose of ensuring such a role replicates as far as possible what was planned for the hoped- for government regulatory regime,” Hewett explained. “However, this will still not remove the real rogues from our sector who have no intention of complying with the existing legislation and the Codes of Practice. What we hope it will do is persuade those appointing managing agents to insist upon ARMA membership or, indeed, firms regulated by the RICS.” In support of raising standards


even further it was also announced that the Royal Institution of Chartered Surveyors (RICS) is planning to launch an Associate qualification in residential


6 DECEMBER 2010 PROPERTYdrum


leasehold property management as part of its AssocRICS programme which could open up opportunities for chartered status. Hewett welcomed this RICS initiative seeing it as “growing professionalisation of our sector”. Also under discussion was the


fact that although leaseholders of flats contribute annually over £1billion in service charges, unless their leases explicitly require it, there is no statutory obligation on the landlord to produce annual service charge accounts. Provisions in the Commonhold and Leasehold Reform Act 2002 were designed to rectify this but these have been dropped by the Coalition. “Surely it must be right that leaseholders are fully informed, on


a regular basis, of how their money has been spent and held and such accounts are checked by an independent qualified accountant,” said John Mills, ARMA’s technical officer. “It is with this in mind that


ARMA, in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW) and RICS, has produced an extensive consultation paper on Accounting for Service Charges. “We want to consult with all


stakeholders in the residential leasehold sector to arrive at a standard, recognised approach to this important issue.” ARMA has received a letter of


support from the Rt Hon Grant Shapps MP, Minister for Housing and Local Government. The Minister said, “I want


ARMA delegates together manage 1,000,000 flats in 40,000 blocks


residents to be able to see how their service charges are being used, and to be confident that they are getting value for money. “So I am pleased that, as the Association of Residential Managing Agents launch the Accounting for Service Charges document at their 15th annual conference, delegates will have the chance to air their views on improving the accounting practices they follow. “This will help further develop


the work that I know is already underway. I wish ARMA and its members every success with their conference, and I look forward to hearing about the progress of the consultation in due course.”


available. Prices are rising too; between 12 and 30 per cent, depending on location, so they make a good investment.” “There is also a great deal of confidence in the Turkish economy and Prime Minister David Cameron recently stated on his visit to the country that it could become a “great European power” and that he was keen to “pave the road”, for Turkey to join the EU. Prices are exceptional; a two


bedroom apartment for as little as £35,000. The property in the photo is


a three double bed apartment, price £55,000. www.oceanwideproperties.co.uk


just the nice plump bird on the dinner table, but the country that offers sun, sand and superb villas and apartments. What has changed? Suleyman Akbay of Oceanwide Properties Ltd, says his firm is currently expanding to take advantage of the upward trajectory of property sales in 2010. “We have had over 150 leads in the last three months from buyers keen to purchase property in Turkey.” “We were aware of this


rapidly increasing interest from UK buyers at the beginning of this year so we have invested in a more sophisticated website, a PR company and two new staff members to deal with the increased level of buyers. “Our understanding of this


upward swing is partly due to one million British nationals visiting Turkey in the first half of 2010, being amazed at the value for money properties


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