The UK Chancellor George Osborne should pause housing tax at the top end of the market or risk distorting the wider market, it is claimed in anew analysis report. Up to a 100% rise in stamp duty on high luxury homes has seen buyer interest drop at a time when
How can sellers avoid a purchase fall-through? Research from Which? Mortgage Advisers has found that around 28% of homebuyers have had a house purchase fall through after their offer was accepted over the course of the last two years. Some research suggests the figure may be as high as 40%.
©Bloomberg Samsung C&T Corp is scaling back its mine construction ambitions after losing A$1bn (US$755m) on a project controlled by Australia’s richest woman and becoming embroiled in a series of legal disputes. The South Korean construction giant recently completed work on the Roy Hill iron ore mine in Western Australia.
Marley Eternit has taken over John Brash & Co, the UK’s largest timber roofing batten supplier for £13m. Above: Tiles and battens together John Brash makes the market-leading JB Red batten and also manufactures cedar roof shingles, non-slip timber decking and timber scaffold boards. It also claims to be the
The operator of Helsinki Airport, Finavia has revealed that they are changing the plans for their ambitious climate programs. The plan that has been put forward by Finavia is to cut the carbon dioxide emissions that are produced by the operations in the company. Finavia manages 21 airports and their
Analysis and exploration of Health and Safety in the workplace shows that businesses can help to address the challenges faced in tackling workplace health and safety. The United Nations’ Sustainable Development Goals third target is to encourage well being for people of all ages and to ensure healthy lives. One
Connell Survey & Valuation has carried out research recently which has shown that the property market experience a dip in May. Connells Survey & Valuation is a subsidiary that is wholly owned by Connells Group. The subsidiary first started operating in 1991 and works with a range of different clients
R&M, the globally active developer and provider of cabling systems for high-quality network infrastructures, based in Wetzikon, Switzerland, is accompanying well-known carriers on their way into the gigabit era. The long-term goal is to provide every home with gigabit-fast Internet connections. And the full-coverage FO cabling of urban and rural
If you are in the construction business there are some obvious tools of the trade you will be using on a regular basis but there are also some equally useful tools that you can download onto your smartphone too. Here is a look at some useful apps that should be
The UK Chancellor George Osborne should pause housing tax at the top end of the market or risk distorting the wider market, it is claimed in anew analysis report. Up to a 100% rise in stamp duty on high luxury homes has seen buyer interest drop at a time when there has been a 40% rise in prime properties planned in London, according to the report from design and consultancy firm Arcadis. It points out that the unintended consequences of successive stamp duty rises means projects in development for a number of years have been disproportionately affected and the delivery of affordable homes could be threatened as a result. Despite initially encouraging investment in prime residential property as a means of stimulating wider economic growth, the government has since changed policies mid-cycle, the report suggests. It says that this is regardless of the fact that many developers have already committed to major schemes. Since the end of 2014, the stamp duty alone on a £6 million home has almost doubled, rising from £420,000 to £810,000 when bought as a second property. The timing of these reforms has come just when certain parts of the market had already begun to slow. In order to ensure sales, some developers who had committed to schemes before 2014’s reforms have been forced to discount prices or resort to ‘stamp duty paid’ deals. These sales discounts have hit margins by as much as 4% on prime homes and up to 7% on super prime properties. Meanwhile, others have opted merely to delay construction, meaning that a significant number of affordable homes, planned as part of the original development, are not being built as quickly. Furthermore, with fewer would-be purchasers willing to pay such high rates of tax, many investors are eyeing homes under the £1.5 million price threshold. This additional wave of interest risks distorting the mid-market and inadvertently pricing out those people who would typically be looking to purchase these as family homes, the research adds. According to Mark Cleverly, Arcadis head of commercial development, to accelerate the delivery of affordable housing currently in the pipeline and ensure the construction sector remains sustainable, the Chancellor must impose a temporary reduction in stamp duty on new build properties. In tandem with this, he must better focus the debate onto ensuring acceptable levels of affordable housing are delivered as part of new developments. Cleverly suggests that this approach would get the market moving again, meaning both a steady flow of affordable homes coming onto the capital’s market and making schemes viable again for developers, safeguarding jobs and ensuring development can proceed as planned. ‘The Chancellor has to act on prime property tax. Despite initially encouraging investment in prime housing, the government since changed its mind and attempted to stem demand through ongoing tax increases and new fiscal regulations. This has prompted a drop in buyer interest at the very top of the market, creating a big problem for developers who had already committed to schemes and meaning affordable housing allocations are not delivered,’ he explained. ‘Whatever the Chancellor’s intentions when it comes to taxing the top, the unintended net result is likely to be less stamp duty receipts to the Treasury and potentially exacerbating the housing crisis. In short, stamp duty is becoming a tax on development, not on wealthy buyers,’ he added. ‘A more sensible approach would be to impose temporary stamp duty relief on new build homes planned before 2014’s property tax overhaul. This would both ensure the construction sector remains viable and accelerate the flow of housing of all tenures that London so badly needs,’ he concluded. BOOKMARK THIS PAGE (What is this?) Source link
How can sellers avoid a purchase fall-through? Research from Which? Mortgage Advisers has found that around 28% of homebuyers have had a house purchase fall through after their offer was accepted over the course of the last two years. Some research suggests the figure may be as high as 40%. Bill Spreckley of Stacks Property Search says: “Reasons for sales falling through vary, but one thing is for sure, the faster you can get to exchange, the less opportunity there is for second thoughts, changes of mind, gazumpers and gazunderers. “Complicated chains mean that some problems may be completely beyond your control, but there are plenty of steps you can take to maximise your chances of a deal progressing successfully to exchange and completion. “Your biggest ally is your solicitor, so it’s important that you choose carefully. There are some very good conveyancing solicitors, and there are some very bad ones. If both sides have a good solicitor, it’s entirely possible to get to exchange within four to five weeks, but some solicitors regularly drag it out to three to four months. “Try to establish a realistic target date for exchange, so everyone has a deadline to work towards. If buyer, seller, or both aren’t in a rush to move, build in more time between exchange and completion rather than being relaxed about the exchange date. “The key as a buyer is to instruct your solicitor immediately and pay him up front for the searches. You will also need to pay your mortgage company the fee for the mortgage valuation and ask them to instruct this as soon as possible. “The seller needs to instruct their solicitor and ask them to send the draft contract to the buyer’s solicitor immediately, and also get them to send all the forms that the buyer is required to fill out. Get these back to your solicitor as soon as possible. Then stay on the back of your solicitor and your estate agent. “Good communication between solicitors, estate agent, buying agent, buyer and seller is vital. You need a solicitor who will pick up the phone when a snag arises, and who will pick up the phone when you call. And you need a solicitor who will take a view with an understanding of the big picture. If you receive a letter from a solicitor when a phone call or e-mail could have been employed, my advice would be to find a new solicitor without delay. A lack of communication and information in what is a very emotional and stressful process just causes concern, and can turn into resentment and a belief that someone’s hiding something from someone. This can easily culminate in the collapse of a sale. However, if there is a genuine, unforeseen reason for a delay, then sometimes you just have to be patient. “In my experience, keeping everyone informed of progress on at least a weekly basis is one of the best ways of ensuring a sale is prevented from falling through. This is one of the reasons why the fall through rate for my clients is under 3% over the course of the last ten years. Alert the selling agent, and your solicitor, that you will be expecting a weekly update on progress, and that in the event it’s not forthcoming, you will be on the phone to them!” “The best positions to be in as a buyer are when there’s no chain or when you’re a cash buyer who has, if necessary, already sold your own property. There’s not a lot you can do if the property you fall in love with is bogged down by a tricky chain, but be aware of the complications when putting in an offer; forewarned is forearmed. And if you’re prepared to be flexible by selling your home before you find its replacement, moving into rented accommodation in the short term, you will be improving your chances of a stress-free purchase on good terms significantly.” Source link
©Bloomberg Samsung C&T Corp is scaling back its mine construction ambitions after losing A$1bn (US$755m) on a project controlled by Australia’s richest woman and becoming embroiled in a series of legal disputes. The South Korean construction giant recently completed work on the Roy Hill iron ore mine in Western Australia. But it is still fighting court battles with contractors, including a lawsuit filed by Spanish company Duro Felguera for A$65m in unpaid subcontracting work. More On this topic IN Mining “The Roy Hill Project was the company’s first mining construction project, and there are no other mining projects that the company is working on,” said Samsung C&T in a statement. Samsung C&T added that there was little market demand for mine construction projects due to the difficult situation in commodities’ markets. The construction company, best known for its work on skyscraper projects such as Malaysia’s Petronas Towers, timed its entry into mine construction badly. In 2013 it won a US$5.6bn contract to build the Roy Hill mine, which is controlled by Gina Rinehart’s Hancock Prospecting, just as a decade-long resources boom ended. A year later it won a second contract from Bandanna Energy to build a huge underground coal mine in Queensland. But that project never went ahead and Bandanna has since been placed into administration, a victim of the commodities crash. Samsung C&T developed a processing plant to export iron ore produced from the Roy Hill mine, railroads and harbour infrastructure. The complex project ran over schedule and over budget, and in January Samsung C&T revealed that it would book a A$1bn loss on the contract. When Roy Hill made its first shipment of iron ore in December, Choi Chi-hun, Samsung C&T president and chief executive, said his company had battled “many challenges” in building the mine in one of the harshest regions in Australia and was honoured to be part of it. However, Samsung C&T is still dealing with the Roy Hill cost blowout in the courts. Last week Duro Felguera filed a lawsuit seeking A$65m payment for unpaid work at the iron ore mine — the latest in a series of disputes between Samsung C&T and contractors. “In total, Duro Felguera is owed well in excess of $100m by Samsung in relation to a $500m subcontract for work on Roy Hill,” said Raul Serrano, Duro Felguera operations director. Samsung C&T said a judicial review on the payment disputes with Duro Felguera is pending and that it is taking all proper steps to resolve them in accordance with the law. Analysts say the Roy Hill experience has eroded Samsung C&T’s appetite for mining projects. “In the beginning, Samsung C&T was ambitious,” said Lee Kwang-soo at Mirae Asset Securities. “However in the course of working on the project, uncontrollable risks happened. So it seems difficult for Samsung C&T to expand further into mining in the future.” Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link
Marley Eternit has taken over John Brash & Co, the UK’s largest timber roofing batten supplier for £13m. Above: Tiles and battens together John Brash makes the market-leading JB Red batten and also manufactures cedar roof shingles, non-slip timber decking and timber scaffold boards. It also claims to be the only UK batten manufacturer that has an automated grading process that ensures its battens comply with BS 5534. Marley Eternit managing director David Speakman said: “The acquisition of John Brash will reinforce Marley Eternit’s position as the UK’s leading roofing solutions provider. For Marley Eternit, this is the latest step in our strategy to affirm our brand leadership position, delivering on our innovation credentials and providing a total roof system solution that will deliver real value to our customers, from specifiers through to contractors and merchants.” Marley Eternit will retain John Brash’s site at Gainsborough. Following the acquisition, Marely Eternit sales & marketing director Paul Reed will become managing director of the new timber products range within Marley Eternit. John Brash chairman Christian Brash will leave the business and Chris Watson, formerly managing director, will become chairman. Christian Brash said: “Whilst we are sad to see the end of 110 years of ownership by the Brash family, we believe that the business has been left in a fantastic position as the UK’s market leader in roofing battens. The acquisition by Marley should only help strengthen this through the synergies between the two businesses and the combined strengths of both brands in the market.” This article was published on 14 Apr 2016 (last updated on 14 Apr 2016). Source link
The operator of Helsinki Airport, Finavia has revealed that they are changing the plans for their ambitious climate programs. The plan that has been put forward by Finavia is to cut the carbon dioxide emissions that are produced by the operations in the company. Finavia manages 21 airports and their target is to have carbon dioxide emissions down to zero. For Helsinki Airport, it is thought that the carbon dioxide reduction target will be reached this year. This is because the operations for the airport will be powered by a solar power plant. The solar power will be provided by the largest airport solar power plant constructed in the Nordic countries. Another way that the airport will also cut their operations emissions by using renewable fuels to power the busses on site. Finavia is one of the central members of a pledge that has been made by a number of European airport companies that will hopefully result in 100 carbon neutral airports in Europe by 2030. It is great to see companies looking to make improvements and alterations in order to cut carbon emissions. This pledge is connected to an international climate policy that has been agreed on by the majority of countries, The Paris Agreement. The sudden withdrawal by the United States led by President Trump has created a challenge for the Agreement. However, other countries and companies, including Finavia are fully committed to adapt in order to reduce emissions. With the Paris Agreement being signed there could be a change to a number of sectors, not just at airports in order to make sure that the global temperature ceases to increase. In order to combat the amount of greenhouse gasses are emitted the construction industry could be impacted, with the promotion of greener building techniques in order to cut down carbon emissions in the industry.
Analysis and exploration of Health and Safety in the workplace shows that businesses can help to address the challenges faced in tackling workplace health and safety. The United Nations’ Sustainable Development Goals third target is to encourage well being for people of all ages and to ensure healthy lives. One thing standing in the way of this target being met to its fullest capacity of health and safety in the workplace. This year, it has been calculated that US businesses lose around $1 billion each week to serious but non-fatal injuries that have occurred in the workplace. This figure was taken from the Liberty Mutual Workplace Safety Index which was published this year. This statistic shows that businesses are losing money unnecessarily, when proper health and safety could prevent or lessen the severity of a wide range of workplace accidents. The importance of the role of businesses in workplace health and safety is being emphasised. The more work that businesses put into Health and Safety the fewer injuries illnesses and deaths occur amongst workers. Also to the introduction of more health and safety frameworks lead to healthier and more productive workers. The Centres for Disease Control and Prevention published figures in 2015 which showed that US businesses lose $225.8 billion each year because of the productivity caused by absenteeism. If a workplace is safe then it encourages employees to be healthier and more productive. This is good news for the companies as it will help them improve their profitability and bottom line. Tackling health and safety goes further than signage however, with the whole culture and mentality of the business requiring a change in order to effectively establish health and safety procedures. The best way to be successful when implementing health and safety procedures is to involve as many people as possible.
Connell Survey & Valuation has carried out research recently which has shown that the property market experience a dip in May. Connells Survey & Valuation is a subsidiary that is wholly owned by Connells Group. The subsidiary first started operating in 1991 and works with a range of different clients including lenders, house builders, asset managers and housing associations. The research that has been released by Connells Survey & Valuation shows that in May homes being sold in relation to the number valuations taking place for home owners has seen a steady decrease. In May 2010 45% of the market was down to valuations leading to property sales. This figure has dropped to 27% in May 2017. The reason for this is thought to be a lack of incentive to move for homeowners. Other challenges that the housing market faces with which can have an impact on the the number of houses being sold are the recent changes to stamp duty and the lack of homes on the market to choose from. There is also the consideration of economic uncertainty that is hindering the amount of people wanting to sell up. The corporate services director of Connells Survey & Valuation, John Bagshaw has suggested that the limited stock and confused political and economic out look, with Brexit and now the hung parliament has made people not want to move. It is also thought that the long term increase in house values over the course of the past seven years, meaning that they move into higher stamp duty bands, has made people more resistant to move house. At the moment there is more interest in people refinancing instead of selling in order to try get a better value deal because of the increased value of houses and the low interest rates offered by lenders. Refinancing in this way is more beneficial as it can cut monthly repayments making the homeowner more financially stable, and removing the added hassle and expense of having to move house.
R&M, the globally active developer and provider of cabling systems for high-quality network infrastructures, based in Wetzikon, Switzerland, is accompanying well-known carriers on their way into the gigabit era. The long-term goal is to provide every home with gigabit-fast Internet connections. And the full-coverage FO cabling of urban and rural regions is playing a key role in this. “The demand for R&M fiber optic systems for broadband networks increases by ten percent every year. We are extending capacities in our plants in Bulgaria and India accordingly,” explains R&M CEO Michel Riva. With new products, R&M is underscoring its presence in the Public Networks market. The brand-new generation of the Polaris-box reliably facilitates and protects the installation of fiber optic connections for residential buildings and larger building complexes. “We are currently receiving orders for greater numbers which shows that we have the perfect solution for fulfilling FTTH providers’ needs,” says Tobias Münzer, R&M Market Manager Public Networks. The SYNO dome closure with gel sealing technology launched in 2016 is also exactly what carriers are looking for. Telecommunications and broadband providers in Europe and the Middle East are already using thousands of them in their fiber optic networks. The British IT and telecommunications service provider Colt recently succeeded in setting up a new fiber optic route in Switzerland in just a few days with the help of the R&M SYNO dome closure. The dome closure is there to connect fiber optic cables on the “last mile” and to distribute them – whether in shafts, on masts or directly in the ground. R&M has simplified assembly and made it self-explanatory. “The digitization megatrend is revolutionizing the way we communicate. Entire industries are on the brink of upheaval and are facing a change in their business models. A reliable and future-proof communication and data network based on fiber optics is a prerequisite for keeping pace with this change,” empasizes Tobias Münzer. In spite of the expansion of Internet data traffic, major network operators are cautious, with FTTH projects being planned very carefully. Carriers want easily scalable systems and flexible expansion strategies with which they can calculate their budgets in manageable stages and speed up their return on investment. Tobias Münzer: “R&M is reacting to these needs with a consistent portfolio and constant new innovations, such as the recently launched SYNO dome closure and the Polaris-box.” But R&M’s experience shows that it is also essential that carriers receive just the support they require when planning and setting up the fiber optic networks. This is why the R&M sales companies round the globe provide on-site, project-specific consulting services, support from product planning through to logistics, as well as customer-specific cabling solutions. “Proximity to customers and customization are among the strengths of R&M and are the decisive keys to our success in the Public Networks market segment which accounts for around one third of the result,” says CEO Michel Riva. Tobias Münzer adds: “We want to help carriers get the best possible network quality in every phase. Because that is the only successful path into the gigabit era. Precise specifications compliant with local requirements, reliable products, a trustworthy equipment supplier and strict adherence to details in the execution and maintenance phase are also necessary. Apart from that, the infrastructures must be upgrade-capable so the carriers can migrate quickly to new transmission technologies.”
If you are in the construction business there are some obvious tools of the trade you will be using on a regular basis but there are also some equally useful tools that you can download onto your smartphone too. Here is a look at some useful apps that should be on your radar if you work in the construction trade, including how to keep on top of site safety, Safety is always an important factor If there is one thing that all construction professionals are going to agree upon it’s the need to practice good safety procedures and try to keep workplace accidents and injuries to an absolute minimum. An app like SafeSite could help you to achieve that aim. It was designed by construction professionals with a valuable insight into the sort of dangerous scenarios that can occur and it is intended to be used as a tool for achieving safety compliance with the minimum of fuss and paperwork. A lot of safety aspects can boil down to simple common sense and taking sensible precautions. For example, you can get the inside track on weather by Apalon Apps so that you can take preemptive precautions and action if you find that local conditions might influence construction conditions. Getting your calculations right Another area where there is no margin for error is when it comes to making calculations and carrying out measurements. The Construction Master Pro app is one of several that offers you access to all the relevant data such as completing right angle calculations when you need to frame a roof. It’s a handy app to have on your smartphone as it is versatile enough to do most the standard tasks relevant to construction work and you can also easily convert and switch between all of the standard measuring formats. Keeping on top of your workforce If you are relying on a number of employees and subcontractors to help you get the job done on time it can be very time-consuming keeping tabs on who is doing what and whether they are where they are supposed to be. There are a number of apps that help you with time tracking and scheduling including TSheets, which aims to eliminate the need for time cards and helps you stay in the loop and receive alerts if someone does clock in as expected. Being able to see where crew members are in real time via your smartphone should make managing your workforce easier. Keep your technical drawings to hand You will no doubt frequently find yourself referring to construction plans and blueprints, so it makes sense to have an app that offers you easy access to these documents allowing you to have your blueprints with you wherever you go. The PlanGrid app lets you share drawings and plans with anyone instantly and when you sync a master set of drawings you won’t need to worry about the cost and hassle of paper copies. As you can see with these few examples, there are a number of useful apps available for construction professionals that could soon become essential tools and instantly accessible via your smartphone.
