Gloria Hunniford cuts ties with controversial retirement home developer
The Rip-Off Britain presenter has confirmed she will no longer work with McCarthy Stone after years of being paid to open new developments.
The move comes after an investigation revealed that nearly 60pc of McCarthy Stone flats have significantly fallen in value when re-sold, leaving owners £41,000 worse off on average.
McCarthy Stone is one of the country's biggest retirement home developers, with 543 villages housing more than 21,500 people.
It has hit headlines in recent years as families struggle to sell on the properties, which can only be purchased by buyers over 60.
A spokesman for the presenter told The Telegraph 'she has no further planned dealings with this company, particularly in the light of the information raised'.
She has repeatedly appeared as the guest of honour at McCarthy Stone openings across the country, most recently Bluebell House in Milton Keynes in 2023. At the time, she said it was 'an absolute joy to be a part of the celebrations'.
Her appearances also included meet and greets for the guests.
An investigation by the Times last month found that one in 50 McCarthy Stone homes have lost more than half their value when resold. The average loss is 16pc for properties built between 2010 and 2019, while the Halifax house price index grew by 42pc over the same period.
It comes after The Telegraph heard from dozens of readers who complained their retirement properties were 'impossible to sell' because of their high fees which have become the norm across the industry.
As of 2019, there were 730,000 retirement housing units in the UK, according to the Elderly Accommodation Counsel.
But in recent years, their appeal has dramatically waned as complaints mounted among those early buyers. This is due to their service charges, which are payable whether or not the property is lived in.
One reader has been stuck paying £3,546.96 service charge and £395 ground rent annually since her mother passed away in 2022. The property – which was run by a separate retirement home provider – has sat on the market for three years despite her lowering the price.
Owners must also pay ground rent, generally between £400 and £500 per year. Ground rent has since been banned on the sale of new retirement homes but this does not apply to resales.
The issue has been compounded by the double council tax raid on second home owners which has swept up the families inheriting these properties.
McCarthy Stone told the Times the majority of its flats increase in value once its financial incentives are taken into account, adding its charges are tightly regulated. The company declined to comment further when contacted by The Telegraph.
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