Matthew Steeples suggests though Zac Goldsmith MP proved himself a man of his word in standing down over the Heathrow decision, modern Britain actually needs yet more infrastructure improvements
As a Conservative Member of Parliament, Mr Goldsmith was one of the few to stick his neck out over historic VIP abuse in general and what went on at the Elm Guest House in particular. Unlike many of his lily-livered colleagues, he did what he could but whilst I salute him for that, he is wrong about the need to expand Heathrow.
If – especially if Brexit actually does proceed – Britain needs to have the very best facilities and communication links possible to help maintain our attractiveness to the outside world. We cannot stand still and, quite frankly, there should be additional runways at Gatwick and Stansted and HS2 and Crossrail should proceed apace too. Bring them all on!
Sales of super-prime properties in the UK fall by 86%
Yesterday, the property group London Central Portfolio released data that showed that sales of £10 million-plus properties in the UK had fallen 86% over the past year.
Blaming hefty Stamp Duty increases and Brexit uncertainty, the firm reported that just 5 “super-prime” properties had changed hands between June and August compared to a recorded 35 a year earlier. All of the sales in the period this year were in Central London whilst such properties accounted for just 30% of the figure in the year previous.
Top-end developers, whose sales accounted for 23% of the figure in 2015, were especially affected. They made zero sales in this price bracket in the period and now, according to Naomi Heaton, CEO of LCP, they are reworking their developments to create smaller, cheaper units.
Citygrove Securities PLC and McClaren Properties’ The Clearings development in Chelsea’s Milner Street is being reworked to include fewer super-prime properties
Of this, Ms Heaton commented:
“Many [developers are] looking to divide large, high-priced property into smaller flats to increase their attractiveness”.
Examples given by LCP include Clivedale’s Hanover Square development – where the scheme is being reworked to create four times as many units – and Citygrove Securities PLC and McClaren Properties’ The Clearings development in Chelsea’s Milner Street – where seven townhouses will be replaced with smaller properties.
Speaking more generally, Ms Heaton – who predicts the consequences of this development will be a £45 million fall in Stamp Duty receipts to the government – added:
“This slowdown in the luxury property market—a big contributor for the Exchequer and UK economy—is very concerning. As the government faces the daunting task of negotiating Brexit together with a potential slowdown in the UK economy, it should consider its strategy on residential-property taxation carefully to ensure it meets its objectives of increasing revenues”.
Stamp Duty on a £6 million property was £420,000 under the old system; it is now £633,750. On a £2 million property it was £100,000; it’s now £153,750 whilst in addition buyers of second homes and investment properties now have to pay an additional 3% surcharge also.
A 20-question interview with well-known businessman Gerald Ratner
The Steeple Times shares “wit and wisdom”. What’s your guiding force?
Road cycling.
“Don’t get even, get medieval” is, in our humble opinion, a great motto. What’s yours?
Don’t give up. Failure is the route to success. You will fail many times before you succeed so embrace failure.
Kerry Katona was considered unacceptable in 2007. Who or what is unacceptable in 2016?
Mark Carney is a mine of misinformation. He said interest rates would go up for the last five years and scared the sh*t out of us on Brexit.
Tony Blair misses being Prime Minister. What do you miss most in your life?
Running a big company.
What might you swap all your wealth for?
I haven’t got all that much wealth, but, as you get older, you appreciate your health more.
Donald Trump was once a case of: “If you owe the bank a thousand, they close you down; but if you owe the bank a billion, you own the bank”. What’s your view on the banking crisis?
Business requires endless cash and if you can’t raise it anymore, that has a negative effect on the economy.
What phrase or word do you most loathe?
Starting every sentence with ‘So’.
In the UK, some people consider charity to “begin at home”. What’s your view and what causes do you personally support?
I support animal charities but I don’t like the aggressive approach to fundraising by certain charities and their endless shock adverts on television.
The judge in Law Abiding Citizen states: “I can pretty much do whatever I want” before being blown up whilst answering her mobile phone. What’s your view on the appropriate use of such devices?
I hate people screaming down them in public.
If you could fill a carriage on The Orient Express, who would be your fellow passengers?
Robin van Persie (my all time hero), David Tang (stylish and witty) and Mark Carney (so I can throw him out the window).
Gerald Ratner
If you were unfortunate enough to end up on death row, what would be your last meal and where would you eat it?
The Waterside Inn at Bray. I would order a magnum of Château Latour.
What time is it acceptable to consume the first drink of the day?
During the week: At nighttime.
A Negroni, a martini or a cup of tea?
A double espresso.
Whose parties do you enjoy the most and why?
One that ends early.
Who is the most positive person you know?
My dog, Bear. He thinks he is human.
What’s your most guilty pleasure?
Cigars.
If a tattoo were to sum you up, what would it be of?
I hate tattoos.
If you were a car, what marque would you be?
I was a Ferrari. Now, I’m a Volvo.
Cilla Black presented Surprise, Surprise. Tell us the most surprising thing about you.
I never called my jewellery ‘crap’ in that infamous speech. I described it as high quality but unfortunately I called a sherry decanter ‘crap’.
What’s currently sitting on your mantelpiece?
A picture of my dog.
Gerald Ratner is the former chairman and chief executive of the Ratners Group. He is now a keynote speaker.
House in The Boltons goes on the market for £27.5 million more than it was marketed for in 2012 complete with an extra four levels of accommodation(more…)
