Motor Retail Sector Performance September & October 2017

Head of our Motor sector, Steve Freeman shares his insight and thoughts on the latest developments in the motor retail sector in September and October 2017, based on the below analysis carried out by Mike Allen of Zeus Capital, SMMT, BBC, our own MHA Motor Survey, Cap HPI and Motorway.

The new car registrations from The SMMT (Society of Motor Manufacturers and Traders) for September 2017 of 426,710 highlights a decline of -9.3% compared to 2016 new car registrations, and the first time there has been a decline in new car registrations for September in six years. Private registrations were -8.8%, with fleet also showing a decline of 10.1% YOY, representing 47.0% of registrations vs. 47.5% last year.

October 2017 figures of 158,192 registrations highlights a decline of -12.2% compared to 2016 new car registrations. Private registrations were -10.1%, with fleet also showing a decline at -13.0% YOY, representing 53.1% of registrations vs. 53.5% last year.

The 21.7% and 29.9% decline in diesel registrations for September and October (and the trend throughout Q2) can be attributed to the uncertainty over government clean air policies, which appears to have discouraged consumers and businesses from buying new diesel vehicles. This is also supported by the growth of alternatively fuelled vehicles (AFV) growing by 41.0% in September and 36.9% in October.

Current year to date, new car registrations are 4.6%, with Diesel registrations declining by -14.9% as both Petrol and AFV have grown by 2.9% and 34.8% respectively.

This is the first-time registrations have declined in September since 2011 (-0.8%). Mike Hawes, SMMT chief executive commented:

“September is always a barometer of the health of the UK new car market, so this decline will cause considerable concern. Business and political uncertainty is reducing buyer confidence, with consumers and businesses more likely to delay big ticket purchases. The confusion surrounding air quality plans has not helped, but consumers should be reassured that all the new diesel and petrol models on the market will not face any bans or additional charges”.

Mix Considerations

Within the mix, private registrations were -8.8% in September, with fleet -10.1% and business -5.2% and October private registrations were -6.4%, fleet -3.0% and business -3.4%. The weakness in private registrations points to increased uncertainty from the consumer and a potential sustained deterioration in consumer demand along with supply issues emerging as a result of the weakened currency (pound sterling). The pattern of prestige brands outperforming volume brands continued in the period, although registrations were down across almost all the major brands, with key performances including premium brands such as Audi (-4.8%) and BMW (-3.5%), along with volume brands such as Ford (-19.1%) and Vauxhall (-25.5%) in September.

Used Vehicles:

Used diesel vehicles residual values have been affected by the governments imitative of improving air quality and reducing pollution. Data from Motorway.co.uk illustrates that the average value of diesel variants of the most popular car models has fallen by 5.7% between the first and third quarter of the year, from £4,581 to £4,318.

Three of the top 10 selling models for the year to date, the Vauxhall Corsa, Vauxhall Astra and Audi A3 have all seen their values erode. The Vauxhall Corsa saw a fall in value by over a quarter (26.3%) since the start of 2017, falling from £2,160 to £1,592. The Vauxhall Astra also fell by an average of 17.7% from £2,949 to £2,426 over the period, while diesel Audi A3 models fell by 11.3% from £5,373 to £4,766.

Conversely, a number of used petrol vehicles have seen their respective value increase as a result, with examples being (and not limited to) the Ford Focus, Audi A3, Volkswagen Golf and Nissan Qashqai.

Cap HPI expect used car value movements to remain relatively stable for the next five years, despite the above. Diesel values are forecast to erode more quickly than petrol values, particularly for smaller cars, until the balance of used cars supplied is switched to petrol.

Values are expected to vary because of the shift in the balance of supply and demand, influenced by Brexit and the clean air debate, but movements should be gradual and predictable according to Cap HPI’s Gold Book forecasts.

Outlook

It is clear that Q3 trends in the new car market in the UK have deteriorated further following a difficult Q2. From a demand side perspective, consumer confidence appears to have softened in recent months against a backdrop of increasing political and economic uncertainty. Conversely, in Europe new registrations have increased (August ACEA data was +5.6% YOY and is currently +4.5% YTD).

Forecasts and Valuation

The current decline in profitability and earnings across the sector appear to be due to the current political and economic uncertainty in the UK. Balance sheet strength across the sector is generally robust, and there is likely to be further consolidation activity as smaller operators become more distressed in our view.

Deal Market

In light of the decline in new car registrations, respected news outlets have commented on political events being the main driver for the reduction of acquisitions made in 2017.

Balance sheet strength across the sector is however generally robust and is stronger than balance sheets of 2007, and there is likely to be further consolidation activity as smaller operators become more distressed.

Transactions

Domestic transactional activity has slowed down in both volume and value for 2017 compared to 2016, with Marshalls and Vertu especially demonstrating a less acquisitive appetite in 2017. A notable trend emerging is in the form of foreign investment from North America (Group 1 Automotive and Penske) and particularly South Africa, with SuperGroup and Imperial entering the UK marketplace, with their recent acquisitions of SMC and Pentagon respectively. Interestingly, the combination of a commercial vehicle operation (Imperial) and a pure motor retail operator (Pentagon) could point toward acquisitions of a similar nature in the future.

Group 1 Automotive have continued expanding with the acquisition of Beadles Group, growing their brand portfolio to 12 in the UK, along with Penske acquiring Car Shops UK in 2017.

Summary

As political and economic uncertainty in the UK continues to impair consumer confidence, the growth in the UK motor sector in previous years through to Q1 this year has been replaced by declining revenues in Q2 and Q3 and a more pessimistic outlook for the sector. Larger dealer groups, including the foreign operators, are likely to continue to seek ways to expand through acquisition by consuming smaller and distressed operators. The operators impacted by declining revenues are also increasing their focus on reducing costs, to protect earnings. In these uncertain times, the support that manufacturers are providing to the motor retail groups becomes increasingly important, with the recent scrappage schemes being a good example of this.

If you have any questions or would like to discuss this with us in more detail, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Motor team.

This article originally appeared on the blog of our member firm, MHA MacIntyre Hudson.

Autumn Budget: Time for Real Action to Boost Construction Industry

Construction and real estate specialist from our member firm MHA MacIntyre Hudson, Brendan Sharkey, outlines his Autumn Budget 2017 wish list for the construction industry:

“The biggest challenge for the construction sector is a lack of confidence, fueled by Brexit uncertainty. The government must use the Budget as an opportunity to offset this, and the best way would be to put its full support behind one of the UK’s high profile infrastructure projects. Whether it’s HS2, the new runway at Heathrow or Crossrail 2, this vote of confidence wouldn’t just benefit companies associated with that development, but every player in the industry.

Housing will be firmly in the spotlight and we agree that stamp duty is due an overhaul; it’s inhibiting buyers in its current form. One option is for sellers to pay this tax, given they will always have the means to pay from sale proceeds, and in many cases are sitting on a tidy profit from rising property prices. We’d also welcome an exemption for older people looking to downsize, helping free up family homes. There is a gap in the UK market for older people looking to downsize too, we’re lagging behind the likes of the US and Australia when it comes to specialist retirement accommodation. With life expectancy on the up, there’s growing need for quality homes designed specifically for the older market.

Theresa May’s commitment to more funding for Help to Buy is a positive, but there is still a shortage of supply. Issues in the supply chain have to be tackled, for example by making planning permission easier to obtain, or encouraging local authorities, Transport for London and the NHS to free up land for development. Empowering local authorities to invest, for example in buy to rent properties, would also be a huge help – with their commitment, the big house builders could release large blocks of housing in one go, rather than the somewhat piecemeal approach they’ve been criticised for.

Tax relief on innovative housing solutions like modular homes, and suppliers making the most of automated production, should also be considered. The construction industry is an important part of the UK economy but government action to date hasn’t been radical enough to provide meaningful support. It’s time for this to change.”

If you have any questions or for more information, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Construction & Real Estate team.

This article originally appeared on the blog of our member firm, MHA MacIntyre Hudson.

Introducing MHA Monahans

We are proud to announce that our member firm Monahans have rebranded to MHA Monahans, formally signalling their partnership with MHA.

MHA Monahans has been the South West representative for MHA since 2012. This has enabled them to be able to offer their local clients enhanced specialist expertise when needed. MHA membership also provides access to Baker Tilly International, the ninth
largest international accountancy and business advisory network, giving MHA member firms direct contact with accountancy specialists across the globe.

Managing Partner, Simon Tombs said “We are very proud to be part of MHA, and to have changed our name to reflect this partnership and the added benefits it brings to our clients. Accountancy is a continually evolving sector and being part of MHA allows us to share best practice and knowledge with our partners across the region.

In the past year, MHA Monahans has continued to grow, through new business and carefully planned acquisitions. Being part of MHA strengthens our current position in the South West market, makes us more resilient and supports our future growth plans across this vibrant region.”

Converting to a Charitable Incorporated Organisation

From January 2018, incorporated charities will be able to become a charitable incorporated organisation (CIO), as long as an order laid before Parliament is approved.

The CIO is a fairly new type of charitable structure that was introduced in the Charities Act; it allows charities to take advantage of many of the benefits of incorporation, without being registered with Companies House, and therefore having to bear the administrative burdens that come with this. As a CIO is a separate legal entity to its trustees, the trustees are not liable for its debts on wind-up (assuming they have not engaged in fraudulent or wrongful trading), and this as a result, has be an attractive structure for existing charities or prospective charities.

An impact assessment conducted by the Charity Commission has estimated that the equivalent annual de-regulatory benefit is £3.6m and that up to 12,000 small charities will benefit from these changes over ten years.

If you would like further guidance on this process or if you would like assistance in setting up a CIO, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Not for Profit team.

This article originally appeared on the blog of our member firm, MHA MacIntyre Hudson.

When is the Best Time to Sell a Business?

Identifying Internal and External Factors

We often see great businesses that are not quite ready to sell. Businesses typically need to consider internal and external factors before they are ready.

Identifying these factors early (which may be as much as 2-4 years) allows owners to plan how to address their issues to maximise their preparedness for sale, the likelihood of a deal completing and the ultimate value of the sale proceeds they will get.

Typical Internal Factors are:

  • Improving management information so that you have relevant data to assist the business in improving (and evidencing) its profit/cash and to identify niche areas of value for a potential buyer.
  • Recruiting the right people at board level and other senior management positions to drive the business forward and remove any reliance on the vendor.
  • Developing your own intellectual property or new products and services.
  • Working more closely with your customers, establishing contractual and recurring revenue and looking at your markets for ways to drive sales and new opportunities.

Other External Questions to Consider are:

  • Is the market still active and are there consolidators/buyers out there for the next couple of years?
  • Is your company’s social media presence good and is it able to generate publicity so that buyers are aware of you?
  • Is a trade sale the most suitable route or would it be to sell to private equity, to a management buy out team or to a trust and retain much of the business within the family?
  • Why would you be more attractive than other similar companies?
  • Do you know how you would fit with your likely buyer’s plans?

When thinking of selling your business, you will also need to take time to plan your tax affairs and those of your company.

If you have any questions or if you would like to discuss your business with us in more detail, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Corporate Finance team.

This article originally appeared on the blog of our member firm, Tait Walker.

Charities and Legacy Income

During this period of political and economic uncertainty and a climate of increasingly competitive fundraising, legacy income is becoming ever more important to charities. Emily Prout, solicitor at Thrings, explains why ignoring this income stream is no longer an option for charities.

Legacy giving is a sensitive issue, with some people very much against the idea of individuals being encouraged to leave money to a charity on their death. It is therefore easy to see why some charities shy away from such potential income streams, instead focusing their fundraising efforts on securing lifetime gifts from their supporters.

However, the potential to bolster income to the charity sector via such gifts is significant. According to Smee & Ford, charitable income from legacies has increased by 39% over the last five years. Led by Cancer Research (£177.8m), RNLI (£118.4m) and the British Heart Foundation (£67m), legacy income is predicted to be worth as much as £2 billion a year to UK charities.

This upward trend is, of course, extremely positive for charities and goes some way to show the potential of this largely untapped source of income.

Why is Legacy Income Growing?

Perhaps the most significant reason for the rise in legacy giving is the favourable inheritance tax (IHT) treatment now available. In 2012 the Government introduced a reduced rate of IHT (36%) to those estates in which 10% or more of the estate’s assets were left to charitable organisations. This was introduced to encourage individuals to leave gifts on death and it appears to have worked. Many have bought into the idea of leaving a gift in their will in return for an IHT saving. Additionally, with larger charities now actively marketing to encourage such gifts, public awareness (and acceptance) of leaving a gift in a will has increased.

Securing Legacies

For a charity to secure and retain such legacies (and thus benefit from this market growth), some element of public encouragement is necessary. Many larger charities are now dedicating significant amounts of their marketing budgets and fundraising resources to such tasks.

However, a large marketing budget is not always necessary. Reference to the potential tax savings of such gifts can be incorporated into any form of communication with a charity’s supporters, from website and social media to newsletters or even simply talking to supporters. Charities should not be discouraged from doing so simply because the subject in question is one’s death.

Such communications should always be approached sensitively, and when marketing to and communicating with supporters, good fundraising practices and ethics need to be applied at all times.

Protecting Legacy Income

If a charity invests time, money and effort into securing legacy gifts, those gifts need to be protected from challenge post-death. The vast majority of families follow their loved ones’ last wishes on death if they decide to leave a gift to a charity in their will, but not always.

The manner in which an individual is encouraged to leave a gift to a charity is one potential route to a challenge. Indeed, a charity’s reputation is of paramount importance, and it can be easily tarnished by stories of overzealous marketing or chasing gifts after death in an aggressive way. To avoid this, good fundraising practices and open communication with potential donors should be a charity’s starting point.

However, in our increasingly litigious society, other legal challenges post-death are on the up, including claims that the individual did not have capacity to make a will and those for reasonable financial provision from an estate.

If a charity has been nominated as a main beneficiary of an estate, or left a significant gift in a will, it could become embroiled in a legal dispute. In the long-running Illot v Mitson, an estranged daughter was unhappy at her mother leaving her £486,000 estate to a number of charities, including the Blue Cross, RSPCA and RSPB. She asked the court to award her reasonable financial provision from the estate, but the charities decided to defend their legacies. This prompted a long and costly court process which only recently culminated in favour of the charities.

Before deciding whether to defend a legacy, charities need to carefully consider the amount of money/assets involved, the resources required if solicitors are instructed and the likelihood of any reputational damage.

However, charities should take comfort from Illot v Mitson, as the Supreme Court recognised the importance of legacy income. The case also sent a clear message that an individual’s wish to leave their estate to a charity should not be disregarded and that family ties should not take precedence over gifts to charities.

Therefore, what can a charity do to minimise the risk of such a legal challenge? Sadly there is no easy answer. There will always be people willing to challenge matters, and an individual cannot preclude someone’s right to do so via their will. However, the following should be considered:

  • A charity should encourage any supporter wishing to leave a legacy to speak to members of their family about their intentions and their final wishes. This should remove the element of surprise after death, and may mitigate the chances of a challenge.
  • A charity should keep clear records of all contact with supporters and the amounts donated. It should record any guidance given to a supporter about leaving a post-death gift, and that benefactor’s wishes. Such notes and records can be used by a charity to evidence the benefactor’s intentions in the event of a challenge post-death.
  • It is important that any individual wishing to leave a legacy to a charity has a will which safeguards those wishes – something a charity should highlight to the individual. While it is not essential to have a professionally drafted will, a solicitor will be best-placed to record that individual’s wishes, assess their capacity to make a will and keep clear written notes.
  • Post-death, a charity should deal sensitively with the process of recovering any legacies, and have appropriately qualified staff in place to manage legacy administration.

If you would like to discuss Legacy Income with us in more detail or if you have any questions, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Not for Profit team.

This article originally appeared on the blog of our member firm, Monahans.

Outsourcing – Is it Right for Your Construction & Real Estate Business?

For construction and real estate businesses, staying competitive in today’s challenging marketplace is all about improving efficiency and keeping costs down, while the burden and responsibility of administration grows.

More and more businesses are looking to outsourcing to ensure the smooth operation and growth of their business. The practicalities around outsourcing can be confusing, but with continuing changes in legislation and the growth of cloud technology, outsourcing could be a cost effective answer to making sure your business remains both up to date and compliant. We live in an era of digital disruption, which has changed the way we work, think and live. The Internet of Things has enabled the virtual and remote control of traditional processes and the world’s reliance on technology has affected every industry, with the construction and real estate industry being no exception. For example, construction companies are now able to reveal a completed virtual building to a client before a single brick is laid.

There are many reasons why a construction and real estate business considers outsourcing. They may want to be more efficient, support their future growth or to lift the pressure on their in-house team. The points highlighted below, discuss why outsourcing may work for your business:

No Distractions

With the decision to outsource made, you can concentrate on your core strengths. Working with experts you trust allows you to focus and drive the business forward, achieve your goals and improve your bottom line.

You Can Expand Your Reach

Taking advantage of outsourcing opens the door to a wealth of resource that may not exist in your in-house team. From day to day issues like payroll, HR processes, bookkeeping and related administrative services, to international contacts and help with large or one off projects, there are real opportunities to expand your network and your business in turn.

Support You Can Count On 

Help is always available. Resourcing issues occur no matter how well run a business is. With an outsourcing partner, you will have access to extra staff to compliment or support your in-house team during pressurised periods, as well as back up for unforeseen circumstances where you need your advisors to react quickly.

Compliance 

Outsourcing can ensure that you stay compliant with changes in legislation, as well as strengthening the knowledge and expertise of your in-house team through workshops and training. Our experts here at MHA become an extension of our clients’ in house teams, and are always there to provide advice and support.

So, you’ve considered the pros and cons, and decided that outsourcing will work for you. Now you need to choose the right advisers.

There are many companies out there who offer outsourcing. Choosing the right one can be difficult. It’s as much about personality as expertise. Meet as many people as you can, make sure they provide concise, comprehensive answers to your questions and concerns and that they share your vision of success for your business. After all, this is hopefully the start of a long and productive relationship!

For more information on outsourcing or how we can help your business, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Construction & Real Estate team.

This article originally appeared on the blog of our member firm, MHA MacIntyre Hudson.

UK M&A and Business Growth Finance in an Ever Changing World

Background 

Ongoing political events in the UK and the USA have undoubtedly affected the outlook for UK mergers and acquisitions (M&A) activity. We should also not forget that there are ongoing issues in France and Germany, despite the recent election results, and all this just at the time when Brexit negotiations are starting to take centre stage. Therefore, there are genuine reasons to be cautious about the potential level of deal activity in the UK. However, in an ever changing world, there are also some major positives to consider.

Why be Positive About UK M&A?

Fundamentally the UK has several longstanding, unique selling points from a M&A perspective:

  • A strong tradition of entrepreneurial drive;
  • A long history of inbound and outbound M&A activity;
  • A deep culture of corporate transparency;
  • Creative funding structures;
  • Our global language;
  • Our independent legal system, which is admired throughout the world.

In addition to these longer term positives, there are also some current, very tangible positives for M&A:

  • Incredibly cheap debt;
  • Corporate cash piles at record highs;
  • Weak sterling, thus making UK assets far cheaper for foreign buyers;
  • £50 billion of private equity dry powder looking for a home in the UK.

The Key Drivers to Sustained M&A Activity

There are three key areas which will influence the positives outlined above.

  • Future trading relations with both the EU and the rest of the world;
  • Access to, and retention of, talent;
  • Capital availability.

Future Trading Relations 

Although market sentiment plays a major part in determining the levels of M&A activity, if the UK’s future trading relations end up meaning that our companies can be more nimble on the global stage, then we could actually see more cross border deals over the coming years, not less. If you take this positive view of the future, there will be some fantastic M&A opportunities for strong management teams to exploit in the UK and overseas.

Talent Recruitment and Retention

Talent recruitment and retention is a major, and often limiting, factor for all business owners and this is also true from an M&A perspective. Access to talented, non-UK based personnel will inevitably be influenced by developments over the next couple of years, as discussions over our exit from the EU and our trading relations with the rest of the world become clearer. However, the UK has a strong tradition of attracting top quality talent and the freeing up of the restrictions we face as a member of the EU just may work to our advantage in the longer term.

Capital Availability 

Since the credit crunch, both the UK and global economies have been through a period of change and uncertainty. Governments have been forced to take action to bolster their local economies and stimulate growth through both fiscal and monetary policy. High street banks have come under huge pressure to change in terms of both regulation and performance. Banks have had to re-focus their lending criteria in order to increase reserves and comply with capital adequacy requirements. A reduction in available credit via traditional sources has opened up opportunities for other lenders, who are able to offer a range of flexible funding solutions to corporate borrowers. With debt costs at historically low levels, now is a great time to consider your funding options alongside your M&A plans.

Some of the alternatives that we now see are:

  • Private equity and venture capital houses,
  • Structured and asset-backed lenders,
  • Credit funds,
  • And bonds and private placements.

All of the above are realistic alternatives to the high street banks, depending on each business’s specific funding requirements. Above all, business owners need to ensure that they are ready for discussions with lenders once they embark on the process. After all, you only get one chance to make a good first impression with those holding the purse strings.

Listed below are some of the funding issues that you need consider:

  • First and foremost, do you have a healthy, open relationship with your current lender?
  • Do they really appreciate the dynamics of your business?
  • Do they provide expertise that adds value to your current day to day activities?
  • Do they have the expertise and know-how to understand your vision and to help you grow your business?
  • Do your funding facilities provide both the flexibility to support ongoing day to day operations and the necessary headroom to support growth?

Conclusions

It is clear that many challenges lie ahead for corporate UK’s M&A aspirations. However, many of these are of a global nature and therefore out of the control of business owners, examples being the Brexit negotiations and the USA under Trump, as well as central bank monetary and fiscal policies. Strong businesses with focused and adaptable management teams will thrive on the opportunities that arise. Indeed, with funding options greater than ever, funding costs at all-time lows and the UK possessing a number of USPs, now could be just the time to push forward with those M&A plans.

If you would like to discuss your M&A strategy in general and/or your growth funding requirements, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Corporate Finance team.

This article originally appeared on the blog of our member firm, MHA MacIntyre Hudson.

Welcome to our New Member Firm

MHA Mtaxco, a specialist indirect tax services firm, has joined MHA as the ninth member of the association. They are the first specialist provider to be invited to join the association.

This represents an important expansion in our specialist capabilities, complementing our member firms’ full accountancy services. The MHA Mtaxco team combines a wealth of experience in complex tax and commercial matters gained from careers in the four largest global professional services networks in the world.

Jonathan Main, Managing Partner of MHA Mtaxco, said: “‘I am honoured that our firm has been accepted as the newest member of the MHA association and the first specialist provider of VAT services. We share a commitment to offering high quality services backed by a breadth and depth of experience and expertise to meet the demands of clients. There is significant need for support in this complex area, providing an opportunity for growth and to enhance MHA’s VAT services throughout the UK and internationally. I look forward to a highly productive relationship in the coming years.”

Rakesh Shaunak, MHA Chairman, said: “MHA Mtaxco joining the association represents a milestone in the development of our national service footprint. Being able to offer expert advice and support in specialist areas such as VAT is a strategic priority, enabling us to build our business across the UK and further support the needs of existing MHA clients. The MHA Mtaxco team exemplifies the highest quality services we provide and I am delighted to welcome them to our association.”

Buy-to-Let Regulations Fuel Rent Rises

Rent rises have been fuelled by the recent introduction of Buy-to-Let tax regulations, forcing Landlords to increase prices, according to a study.

Estate agent Your Move analysed rental prices on around 20,000 properties and found the average rent in England and Wales rose by 3.1% in the past year to £874.

The rise in rental prices can be attributed to the recent tax changes affecting landlords, such as the mortgage interest relief and 3% stamp duty land tax surcharge. Tax changes have also restricted the supply of new properties on the market, with a fall in housing stock levels pushing up rent prices.

Every region apart from the South West saw rental prices increase in the year to July 2017, with rents in the South West down 2.2% to an average of £667 per month.

Wales saw the biggest rise in rent over the same period, with prices up 4.3% to £595 per month.

Other areas to experience average monthly rental increases of more than 3% in the past 12 months include:

  • the South East – up 3.6% to £884
  • the North West – up 3.1% to £630.

Richard Waind, director of Your Move, said:

“We are now starting to see the real impact of the stamp duty revision, plus the additional tax changes which have hit landlords hard.

The outcome has seen a decline in the number of rental properties on the market and this has had the effect of pushing up prices for tenants.”

If you would like to discuss the issues raised in more detail or if you have any questions, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Construction & Real Estate team.

This article originally appeared on the blog of our member firm, Broomfield & Alexander.