Grey area

It’s a long-held grumble among everyone under 50 that older people seem to be the only ones with any money nowadays. And now, this week we hear two separate surveys showing that the old – not to mention the dear departed – may have far more influence on the retrofit market than many have given credit for.

First comes the news that equity release, the practice of borrowing on your home instead of leaving all of it to your undeserving offspring, is booming at the moment. And while many may be tempted to blow it all on whatever high-priced frivolity, we can be sure a big slice of such windfalls will be reinvested in adding a few home comforts. Read Story

For those who are fortunate enough to inherit, the boom in home ownership over the last half century means that more and more of the younger generations will find themselves with a home at little initial cost to themselves, so the temptation – or probable need – of a facelift must speak for itself for many of them. Read Story

Of course, neither of these phenomena, or indeed the growing power of of the grey pound, have been completely ignored by the industry but the coincidence of these two factors popping up their heads at the same time may be telling us it’s time to take a closer look.

We hope you enjoy this week’s issue.

Chris Church Editor

Please send all your news stories to news@the-glazine.com

This Week's News

More homeowner go for equity release

Homeowners have released 50% more equity from their homes in the past three months than the previous quarter, while house sales have fallen in the same period, according to statistics published this week.

The figures, from equity release provider Responsible Equity Release, also show the number of householders choosing to release equity increased by 28.4% in the same period, and by86.6% against same quarter last year.

The provider says that equity release plans arranged by homeowners averaged more than £100,000 in June - August, with an average of £74,116 released from their properties immediately and an average additional borrowing facility of £35,514, to draw from, if and when they need the money.

Regionally, homeowners in the North West released more than double (102.3%) the amount of equity in August compared to July. While, the total amount of equity released by homeowners in the East of England in August was 55.3% higher than in July. Individually, Scottish homeowners released an average of £39,068 in August versus £23,702 in July, an increase of 64.8%.

Read More Here...

A third of home inheritors will look to refit

More than a third of all UK adults are likely to inherit a property and nearly a third of all those will look to refurbish it before they put it up for sale or rent, according a survey released this week.

The research, by bridging lender MFS, shows that of the 36% of UK adults expecting to inherit, some 67% will choose not to live there and 55% will try to sell on as soon as possible and 32% will refurbish it before putting it on the sale or rental market.

The findings coincide with research from Royal London, which estimates that £400 billion worth of property will be passed from grandparents to younger generations in the coming decade.

While a significant number of adults already know what they are planning to do with the property they are inheriting, MFS’ research also revealed that one in four (25%, or 4.66 million adults) still have no idea what to do with the real estate being passed down to them. For millennials, this number jumps from 25% to 39%, with nearly two fifths of 18-34 year olds requiring advice to help decide what to do with their inherited property.

Read More Here...

G17 – the finalists

It’s that time of year again. The shortlist of G17 finalists is out and 64 companies and individuals are all bursting to tell us about their achievement and holding their breath until the Awards evening.

So, from now until the event, on Friday 17 November at the London Hilton on Park Lane, we will publish our Hall Of Fame of the finalists as well as the fresh announcements and other news of the event in the usual column.

Visit Page

We Have Email

From: Kush Patel,
Deputy Managing Director, Emplas

Could installers be losing out on business by unnecessarily specifying laminated glass on windows in a ‘catch-all’ approach to the requirements under PAS24 and Secured by Design?

We believe retailers run the risk of losing out on business through the over-specification of laminated glass on ground floor windows. To achieve PAS24 and Secured by Design it is a requirement for laminate glass on all ground floor or easily accessible doors or accessible windows within 400mm of a door. This is designed to stop an intuder smashing a window and simply leaning in to release the door from the inside or to any accessible windows that are designated as fire escape.It’s a requirement in Part Q in new build and replacement markets if you’re installing replacement windows to an SBD specification.

Read More

From: Simon Beer,
Managing Director, Bluesky Certification

In this year’s Fire Door Safety Week there has never before been so much scrutiny on fire door product specification, manufacture, installation and maintenance. We are all aware how integral fire doors are when a fire breaks out in a building after the devastating fire at Grenfell Tower. Properly manufactured, installed and maintained fire doors help to ensure compartmentalisation of fire and stop the fire spreading inside the building.

The fire at Grenfell Tower, and before that Lakanal House, mean issues around fire safety are in the spotlight. It’s highlighted that whatever part in the supply chain, there’s potentially a personal liability if things go wrong. It might sound sensationalist, but would you be prepared to go to prison to secure a contract?

Read More