Plumbers face more delayed payments than any other trade  Experts share advice for securing late payments  UK tradespeople are seeing over £1,000 of payments per year withheld by customers following a completed job.  The research, conducted by IronmongeryDirect, found that an average £1,062 is owed to tradies across the UK. A third (33%) said they were waiting for over £1,000 from customers for completed jobs, whilst nearly one in ten (7%) are owed over £3,000.  Nearly two thirds (61%) of tradespeople have had payments withheld by customers, which occurs twice per year on average. More than one in ten (12%) however, experience withheld payments more than five times a year.  Only 6% of tradespeople say that the payment issues are resolved within a week, whilst more than one in five (22%) have had to wait more than a month to be paid for a job.  Plumbers were found to be the most likely to have to deal with payment problems, experiencing withheld cash 2.6 times per year on average. Landscapers, meanwhile, experienced the fewest issues, with an annual average of only 1.2 times.  Trades most likely to have payments withheld (times per year)  Plumber: 2.6   Electrician: 2.4  Builder: 2.3  Bricklayer: 2.2  Carpenter: 1.9  Surveyor: 1.8  Joiner: 1.7  Painter & decorator: 1.6  Plasterer: 1.3  Landscaper: 1.2  Builders are owed the most, with an average of £1,375 withheld by customers, with nearly half (45%) saying they had over £1,000 of outstanding payments. Bricklayers (44%) and carpenters (40%) are experiencing similar rates of withheld cash.  Plasterers were found to be owed the least, with an average of £535 outstanding, followed by landscapers (£615).  Female tradies were found to receive payment quicker than their male counterparts, experiencing higher rates of payment within a week (8% vs 4%) and within a fortnight (34% vs 20%).  However, women were also found to be owed higher sums of money, with an average of £1,168 outstanding, compared to £972 for men.  When it comes to age, millennials (25-34 year olds) are more likely to experience withheld payments than older tradespeople, with an average of 2.5 payment issues per year, compared to 1.6 for 55–64-year-olds and 1.7 for over 65s. People in this age group were also more likely to be owed larger sums of money, with millennials owed the most at £1,258 compared to other generations.  Despite this, invoice problems were solved quicker for younger generations, with 14% of millennials waiting more than a month for payment, compared to half (50%) of 55–64-year-olds.   Alison Werner from the UK’s leading business coach for trades and construction industry, The Trades Coach, said: “Be sure to display your full terms and conditions in the original quote, as well as your website. This should include a full breakdown of costs and a clause for late payments. Regular communication will also help address any misunderstandings as they arise and will also be looked upon favourably in the rare event of legal proceedings.  “There might be a reasonable reason why a customer is late paying, so it’s important not to assume the worst and firstly find out what the issue is. Having a telephone conversation is the best place to start and then follow this up with an email and regular email reminders. If payment is still not received after several months, you should consider hiring a debt recovery company who will take a small commission to recover payment on your behalf.”  Dominick Sandford, Director and Head of Merchandising & Marketing at IronmongeryDirect, said: “Withheld payments are an annoyance that every tradesperson has to deal with at some point or another, but when significant amounts are owed by customers it can become a serious threat to your financial security.  “It’s shocking to see how much tradespeople are waiting on and how long they’re having to wait for their payment following a job. We hope our useful tips help tradies get paid quicker and without any hiccups along the way.”  For more tips on dealing with outstanding payments and your legal rights, visit: https://www.ironmongerydirect.co.uk/blog/expert-tips-for-handling-unpaid-invoices 

Thanks to many changes in society as a whole, there are very few people who still have any patience. Everyone expects everything instantly or at least quickly. This is because we don’t have to wait for many things. You can instantly stream almost any movie or song directly to your phone in a moment. This availability to get instant gratification has changed the way many industries handle business. The Traditional Way to Sell a Home Until recently most people sold their homes by using a real estate agent. When you sell your home in the traditional way you contact a real estate agent and they come out to look at your home and make suggestions for repairs and improvements that can make the house sell for a larger amount and quicker than it would if sold as-is. A realtor makes a commission of the sales amount so they will encourage you to do a lot of work for your home to increase the value before placing it on the market. Once you finish paying for all the work the realtor will have pictures of the home taken and list it on MLS. MLS the system relators use to post all homes that are for sale. Then it is a waiting game there is no way to know how long the home will sit on the market before it sells or if it will ever sell. There is also no way to know for sure how much the home will sell for and once it finally sales you still have to subtract several other fees. You will need to account for your realtor’s commissions, closing cost, all the money you spend to keep your home on the market, and all the repairs you made.  The New Way to Sell a Home There are now companies online that allow you to sell your home from the comfort of your couch. When you choose to use one of these companies, you will not have to make any repairs or improvements to your home. You simply go to the companies website and provide them with your address and they will do the rest of the work. Most of these companies will have you cash offers to buy your home within a week. These companies do their research on your home and find out what it would sell for in perfect condition. They then advise several investors that they work with the condition of your home and the possible value. These investors then compete with offers to buy your house and the company sends those offers to you. If you chose to accept an offer you can close quickly and you get one hundred percent of the selling price in your pocket. Sundae is a great example of one of these companies. When you chose them to help you sell your house they can give you a guaranteed timeline and a guaranteed amount of profit. The traditional way of selling a home does not allow for either of these to be a sure thing. This makes selling your home with companies like Sundae a great choice for someone who hates the unknown. If you enjoy a gamble maybe the traditional way is right for you but knowing you can walk away with money sooner than later is always an attractive offer. Now that you know companies like Sundae offer a new way to sell your home online, it is time for you to look into the process. You can get offers on your home without making any kind of commitment to make the sale. This will allow you to at least see what you could walk away with without sinking any more money into your home. Look into one of these companies so that you can know what your options are and maybe have your house sold faster than you thought was even possible.

Unique approach to solutions provision with unrivalled proposition from industry experts A unique firm to assist businesses and help them prosper in the ‘new normal’ with an innovative approach to property and finance-based services has launched today. ARMCo is the brainchild of Birmingham-based business founder and investor Russell Martin, and combines specialist lending, corporate support, land procurement and development, and insurance services – catering for a rapidly evolving business landscape – to benefit clients with truly holistic and tailored solutions. ARMCo is based in the heart of Birmingham’s finance district, where its HQ is the base from which the firm delivers its local, regional and national offering. It has a strong foundation: Russell formed Finance 4 Business, a specialist broker for finance transactions, 15 years ago – and used his experience, expertise and connections to form four further businesses which have grown strategically year on year, offering agile and integrated solutions to clients. With four new firms offering synergistic services added to the group, this forms the complete ARMCo offering. Jon Preston has been appointed as Chief Operating Officer at ARMCo. Jon brings a wealth of experience, having worked at a UK-based lender which underwent a £26m MBO last year with Foresight Group, a leading independent infrastructure and private equity investment manager. ARMCo founder Russell Martin explains: “We are living in uncertain times and a post-pandemic world looks very different for a lot of businesses. Overcoming challenges such as access to business finance, sourcing sector-based specialist risk and insurance solutions or navigating land procurement and development opportunities will have presented complexity before Covid, but the ‘new normal’ will be more challenging for many. “The combination of expertise at ARMCo means we can deliver bespoke solutions for our clients to help them maximise growth opportunities and give them an exceptional experience. Our adept approach ensures that even the most complex of transactions are navigated with integrity, proficiency and pace. The combination of a human approach, passion and commitment of strong leaders and highly collaborative partnerships, combined with a central services approach, presents an unrivalled proposition in the UK – particularly with Jon at the helm, leading and propelling the group,” he added. The ARMCo group comprises Finance 4 Business, Liquidity Club, Innovation 4 Business and  Walker Doble – as well as new firms Atlas Land & Planning, Midshore Partners, Chordis Capital and Cape Insurance. These are operated by industry experts Russell Martin, David Pinnington, David Totney, Philip Moore, Rebecca Doble, Marc Walker, James England and Rob Lankey and Henry Gallacher. The group offers expertise on financial solutions including asset, bridging and development finance, tax solutions and MBOs – helping SMEs in a range of sectors, property developers (including allied trades and professionals) and investors. One such business benefitting from ARMCo’s expertise is Fitzpatrick Group Ltd – a housing delivery service provider with a requirement for finance provision to aid its expansion into a number of specialist sub sectors. The firm’s Managing Director, Mark Fitzpatrick, explains: “I have worked with Russell for more than a decade, initially through Finance 4 Business (F4B), through which I have had in excess of 25 loans arranged for me, across many disciplines and through a multitude of different lenders, from commercial mortgages, Buy-To-Let and bridging loans, to development and asset finance. The attention to detail, end-to-end service and dedication has been a staple feature of the service.  “The evolution of ARMCo has seen the inception of some great businesses led by fantastic people, with whom I have transacted on many occasions, with great satisfaction and results. The launch of ARMCo makes absolute sense and I have no doubt Russell and his team will go from strength to strength.” Russell concluded: “Success in any business involves being able to navigate a market, identify business opportunities and be agile enough to be able to plug gaps in the market. I have applied that formula to my businesses, and the ARMCo offering can now support businesses in realising their ambitions, as we all try to navigate our way through these turbulent times. We are a group of companies built on strong relationships, not transactions, and I’m delighted to have such robust and proven expertise on board at ARMCo. We have ambitious expansion plans, and will be adding more companies to provide further synergy within the group.” For further information about ARMCo visit www.ARMCo.partners.

Hilltop Credit Partners, a UK-based specialist development funding partner, has secured investment from Metropolitan Real Estate, the global real estate multi-manager platform. As part of this, Hilltop will target to deploy up to £300 million over the next three years to finance the construction of over 1,000 new residential units across the UK, with a focus on affordable regional markets with strong supply-demand fundamentals. The investment provides Hilltop with an immediate opportunity to grow its existing UK residential development finance platform. An investment of this type is critical to achieving the UK government’s target of delivering 300,000 new homes per year. “I’m delighted to announce this partnership, which further establishes Hilltop as a leading player in the UK development lending market. Working with Metropolitan Real Estate will bring together our collective experience in real estate and credit to support proven housebuilders in the UK, and to promote greater housing supply. This partnership is a validation and recognition of our work so far, and we look forward to growing our lending portfolio across Britain this year,” said Paul Oberschneider, Founder and CEO of Hilltop Credit Partners. Hilltop believes that UK residential development lending has fallen up to 40% since 2008, as high-street banks have withdrawn from the market due to new regulatory capital requirements and the impact of Covid-19. The UK could therefore face a funding gap of c. £200 billion that will need to be covered over the next decade in order to achieve the government’s housebuilding targets. Hilltop is backed by global real estate investment firm, Round Hill Capital, and the firms’ combined expertise, industry knowledge and access to capital has facilitated the construction of 250 residential units across the UK to date. The partnership with Metropolitan brings further institutional validation of Hilltop’s strategy and track record. Metropolitan committed c. £60 million in 2021 to purchase a portfolio of existing development loans across five regions and to continue funding the active pipeline. This commitment also demonstrates the strong appetite among institutional investors for the attractive risk-adjusted returns offered by residential real estate credit strategies. Despite the challenging economic backdrop in 2020, UK residential property prices rose at their fastest rate in six years, as strong pent-up demand coincided with a slowdown in the supply of new housing, with more affordable regions outside of London showing the strongest performance.

Homes are selling quickly at the new gated ‘Bridgford Place’ complex in West Bridgford, and interested buyers are encouraged to register interest with the stamp duty holiday extension and introduction of the 5% deposit mortgage scheme. Comprising a total of 30 one and two-bed apartments, 75% of which were sold by selling agents FHP Living by practical completion of the development, Bridgford Place by Buildwell Developments offers modern, luxury and eco-friendly living in the very heart of West Bridgford town centre, just a stone’s throw from Central Avenue. Following Chancellor Rishi Sunak’s announcement of the 5% deposit mortgage scheme and stamp duty holiday extension up until the end of June for properties up to the value of £500,000, and the end of September for homes up to the value of £250,000, interested buyers are encouraged to act quickly to snap up one of the six remaining apartments in the heart of West Bridgford. Each of the last remaining apartments offer a large open plan living space, en-suite shower room, family bathroom, zoned underfloor heating and allocated parking space on-site or across the road. The remaining apartments are located on the ground, first and top floor of the three-storey scheme, with prices ranging from £222,500 to £265,000. All homes have been finished with a light, contemporary design with high spec fixtures and fittings including German kitchens, Bosch cooking appliances, integrated dishwasher, washer dryer and fridge freezer, quartz worktops, luxury bathrooms with Roca sanitaryware and Grohe showers, Karndean flooring and 80/20 wool twist carpets. Allocated parking is available for certain properties on site, and external parking spaces are available on a rental basis, for apartments without parking. With Central Avenue on its doorstep, Bridgford Place benefits from an array of amenities easily accessible on foot, including parks, bars, restaurants and cafes such as Costa Coffee, Copper, Yumacha, The Botanist, Portello Lounge and Escabeche, and convenient supermarkets for essentials such as the Co-op and  M & S. Just two miles from Nottingham city centre, regular bus services including the 5 Green Line run frequently from Rectory Road through West Bridgford, Trent Bridge, The Meadows, Nottingham City Centre and the Lace Market. Following the COVID-19 pandemic and the latest announcement of plans to gradually ease lockdown restrictions over the coming months, Nottingham has seen an influx of people moving to the city – as many look to relocate from London and other major cities. The chief executive of Invest in Nottingham, among many local experts, puts the rise of people moving from the capital to Nottingham down to the city’s attractive, affordable house prices and lower cost of living*. FHP Living has already seen a 23% increase in enquiries from prospective buyers interested in moving from London to Nottingham this year.

Prospective homebuyers can look to a helpful breakdown of insights from property experts on what the stamp duty holiday extension could mean for them. In Chancellor Rishi Sunak’s latest update in the March budget, the current stamp duty holiday was extended from March 31 until the end of June for homes under £500,000 and until the end of September for homes under the value of £250,000, allowing homebuyers the opportunity to save costs when purchasing a property. Property experts at FHP Living have compiled a list of the main insights for all prospective homebuyers to ensure they are clued up with the facts. “The extension of the stamp duty holiday from its original date of the end of this month until the end of June and September, will allow homebuyers a much larger window in which to progress with their moves and make important decisions. It will mean much more opportunity is available to those looking to get on the property ladder, buy another house or extend their portfolio,” said Steve Parker, director at FHP Living. “In what has been one of the most unprecedented years for many sectors, the stamp duty holiday initiative has been a major factor in allowing the property market to remain buoyant, and many of the developments that we are marketing, where we are based in Nottingham, have provided buyers with fantastic opportunities to save, across a spectrum of price ranges. “As a leading estate agent in Nottingham, we are pleased to see high quality homes continually being built in the area, improving the city’s residential offering for current citizens and the influx of people moving to the area. “It’s very positive news to hear that the stamp duty holiday has been extended, opening up many opportunities for buyers looking at a range of homes we are currently offering – including riverside developments such as Pelham Waterside, The Yacht Club, Trent Bridge Quays and The Waterside Apartments, and other developments within Nottinghamshire including Barton Quarter in Beeston and Hunters Wood in Gedling village.” Here’s what you need to know about the proposed stamp duty holiday extension: Opportunity to save Homebuyers can save as much as £15,000 in tax and homes under the value of £500,000 remain exempt from stamp duty. You will pay nothing on the first £500,000 of your property, but anything over this amount you will need to pay 5% stamp duty tax on for the next £425,000, up to £925,000. Rates are then 10% from £925,001 to £1.5million, and 12% for £1.5million and above, and this applies in England and Northern Ireland. Time to complete If the stamp duty holiday extension deadline had remained at 31 March, you would have needed to complete a sale by this date to benefit from the stamp duty holiday. With the extension until the end of June for homes under the value of £500,000 and the end of September for homes under the value of £250,000 – this will allow plenty of extra time for properties to progress and complete. Easing of restrictions With the government’s COVID-19 exit roadmap announcing the easing of restrictions from March 8, those who have been hesitant to attend viewings that aren’t virtual may find it useful to book in and see properties in person – allowing decisions to be made and things to move along faster, with an extension until the end of June and September. 95% mortgages As well as the stamp duty holiday extension, the government has confirmed a 95% mortgage guarantee scheme in the March budget, which will see 5% deposit mortgages reintroduced, allowing first time buyers a better chance at getting on the property ladder much sooner. This, along with the stamp duty holiday extension, means that the next few months will be an ideal time for prospective homebuyers to press on with their search and registrations of interest in new properties.

Ross Baxter, Managing Director of Saint-Gobain Off-Site Solutions, which comprises Pasquill, Roofspace Solutions, International Timber, Intrastack and Scotframe, said: “The housebuilding and construction industry are an essential part of the UK economy and its resilience has been severely put to the test over the past 12 months. I welcome the Chancellor’s positive announcements, which seek to provide reassurance to manufacturers, suppliers and house builders as well as homebuyers.  “The two-year tax deductible on investments will allow us to drive forward with our plans for continuous improvement, growing both our services and product portfolio. Meanwhile, mortgage guarantees and the extension of the stamp duty holiday until 1 June will keep the market moving and provide continuity of work for everyone in the sector, so we can deliver on the ambition to build back better.”

James Simmonds, head of UHY Hacker Young’s national drinks sector group and partner at its Nottingham office, said: “Sunak has announced that the business rates holiday has been extended to end of June 2021, which is great for the food and drink sector. However, many pubs, bars and restaurants may not be able to open until 21 June under the government’s current roadmap so, while this extension will be welcomed by the industry, it may not relieve many hospitality businesses from rent debt.  “The government also announced the continuation of the reduced VAT rate of 5% until 30 September 2021, along with an interim rate of 12.5% for a further six months to allow the consumer to pay reduced prices at the business’ discretion.  “Restart grants of up to £18,000 for hospitality businesses will also be welcomed – however, this sum is to the rateable value of the business’ property assets so the grant could be as low as £8,000 for smaller premises.   “The continuation of the freeze on alcohol duties for the second consecutive year will hopefully keep the consumer from paying increased prices and incentivise a return to pubs, bars and restaurants post-Covid.    “Additionally, the introduction of a community ownership fund will allow communities across the UK to invest in and protect what matters most to their area, which in many places may well be the local pub or hospitality business – something that could also bring benefits to the industry.”  For more information on UHY Hacker Young, please www.uhy-uk.com or call 0115 959 0900.