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13th Abuja International Housing Show Will Host Real Estate, Bank CEOs, Others

The 13th edition of the prestigious Abuja International Housing Show will play host to a strong delegation of Real Estate Executives and Investors, Bank CEOs and ranking stakeholders in the housing and construction industry from across the world.

According to the event’s convener and coordinator, Bar. Festus Adebayo, this year’s edition will also lead a showcase of cutting edge industry innovations as stakeholders gather for the largest housing show on the continent.

While granting interview to Nigeria’s premier Housing Development TV program, the show’s coordinator revealed that registration have commenced and all hands are on deck to deliver the best show ever, especially in a time when new ideas are needed to expand Nigeria’s economic foray.

The 13th Abuja International Housing Show is expected to hold from July 23th – 26th 2019 at the International Conference Centre, Abuja.

According to Bar Adebayo, the theme of this year’s edition is, “Driving sustainable Housing Finance Models In The Midst of Global Uncertainty” — a testament to how it continues to be an invaluable experience for building professionals in Nigeria and across the globe.

As always, speakers will be drawn from across the world and with adequate experience and knowledge to share valuable information on the subject matters, with the ultimate goal of pushing forward a unified and progressive housing and construction industry.

Adebayo listed some of the unique innovations to include introduction of CEOs Forum, women in housing sector initiative, international real estate investment forum and the segment for youth in real estate development.

According to him, “CEOs forum is unique in the sense that the leaders in the real estate, banking, building materials and technology will be meeting to address the issue of affordable housing finance holistically.”

“ The show will also feature youth in real estate development. Young people are coming into the industry with a lot of great ideas, and they need the right mentorship and guidance in order to achieve maximum results. Also, the show will present opportunities for those seeking entrance into the industry. Opportunities like this are rare to come by and I am sure they can’t afford to miss out,” he added.

With more reference to opportunities, participants at the show will have access and first hand information on the best mortgage and finance schemes available and also how to start as a small real estate investor.

As befitting of the show, this year’s edition will be declared open by the Vice President of Nigeria, Prof Yemi Osinbajo. Other top attendants will include Lew Schulman, Chief Executive Officer, Build Modal Inc, USA; Debra Erb, Managing Director of Housing Program for Overseas Private Investment Corporation; Ahmed Dangiwa, MD of Federal Mortgage Bank of Nigeria; Agnes Tokumbo Martins, Director CBN; Femi Adewole, MD Family Homes Fund; Kehinde Ogundimu, MD Nigeria Mortgage Refinance Company PLC; Ugochukwu Chime, REDAN President; Robert Hornsby, CEO, American Homebuilders of West Africa; Olivia Caldwell; Kecia Rust; Mounia Tagwa; Afolabi Imokuode; Ime okon;Deji alli of Mixta Africa,Ifeoma okoye ,saadiya aliyu: Hakeem Ogunniran and other international experts.

 

Ghana’s Minister of Women Affairs, Hon. Freda Prempeh, who has been nominated for a Performance Award, will also deliver an address as a guest of honour and will lead a host of Ghanian Parlimentarians.

The Guest Speakers for the housing finance section of the 13th Abuja Housing Show are drawn from the World Bank, African Union of Housing Finance, Central Bank of Nigeria,institute of affordable housing,USA,America Home Builders of West Africa,Family Homes Funds,presidency, Shelter Afrique Kenya, Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinance Company, UN Habitat, OPIC Investment USA, Umar Shuaibu Coordinator of Abuja Metropolitan Management Council, among others.

This year’s edition according to the coordinator will feature over 30 Speakers and 350 exhibitors from not less than 20 Countries.

By Felix Ojonugbwa

Finance minister defends Nigeria’s rising debts

The Minister of Finance, Zainab Ahmed, says while government borrows to deliver on its promises, it was also mindful of rising debt burden, which eats up about 25 per cent of the country’s annual earnings.

Mrs Ahmed said this in an interview with the News Agency of Nigeria (NAN) on the side-line of the just concluded IMF/World Bank meetings, which took place in Washington DC from April 9 to 14.

Nigeria currently has an external debt stock of about 24.27 billion dollars as of December 31, 2018.

Euro bonds, loans from World Bank Group, China and Africa Development Bank Group make up over 80 per cent of the country’s debt stock.

Mrs Ahmed insisted that in spite of warnings by the IMF and World Bank, the country was not in any way near a debt crisis.

“The World Bank and IMF are cautioning us on the rate at which we are borrowing.

“They are also cautioning us on the need to build fiscal buffers because the global economy is going to be facing some risks and we agree with that.

“We are very mindful of the level of our borrowings. Our borrowing is very much within fiscal limits right now.

“What we are doing is to increase our revenue-generating capacity to make it easier for us to meet our debt obligations and our routine as well as capital expenditure,’’ she said.

NAN Correspondent raised concerns about whether the Chinese loans to finance the Idu-Kaduna, Lagos-Ibadan and Abuja light rail projects, the expansion of four airport terminals and some hydroelectric projects across the country, were healthy for the nation’s econom

The correspondent also raised concerns about whether the conditions for the loans were favourable to the overall interest of Nigeria.

Mrs Ahmed responded saying: “To borrow, we go through several processes of assessments as well as negotiations.

“We make sure we get the best possible terms and whether we are borrowing from financial institutions or in Europe or China or anywhere else, we try to get the best rates of borrowing.

“So far, the conditions we’ve got are very good ones,’’ she said.

Mrs Ahmed restated the commitment of the President Muhammadu Buhari-led administration to ensure that the country grows in a manner that would bring many people out of poverty.

According to her, it is for this reason that the government takes its social investment programmes like the school feeding, Conditional Cash Transfers to the poor and vulnerable and trader moni programme, very seriously.

Source: News Agency Of Nigeria (NAN)

How Nigeria’s suffocating petrol subsidy defines failure of Africa’s biggest economy

Public policy in Nigeria, the continent’s most populous nation is once again overshadowed by a contentious debate over whether or not to end the subsidy on premium motor spirit now estimated at around forty-four Naira per litre.

Nigeria has been here many times in the past, the most recent being 2016, at the onset of the Buhari administration. His predecessor was bloodied when he attempted to remove the subsidy in 2012.

In his thesis which examined the impact of subsidy in a community in South West Nigeria, Ojingiri Solomon defines fuel subsidy as the cost borne by government to cover the market rate of petrol and the pump price and the intention of the state is to cushion the impact of high pump price of petroleum products on the citizenry

For reform minded Nigerians, fuel subsidy removal is a virile tool for consolidating public finances and fostering sustainable economic development in a nation where many have been used to its oil endowment as curse.

The International Monetary Fund stirred this latest debate when it urged the Nigerian government to urgently move to buoy its finances by removing the subsidy.

Today the landing cost of petrol, is N35 higher than the pump price capped at N145 per litre by the government and without the cap, pump price could be as much as N189 a litre.

According to Ibe Kachikwu, minister of state for Petroleum, “you have very positive argument that says, ‘why is this happening; let’s get it (subsidy) out.’ But once you do it, the streets get flooded by protesters. And then you have five or six or 10 days of no activity in the country. So, any attempt to remove the subsidy must be very well-managed,” the minister said on a television programme on Tuesday.

He said in 2016, the government wrote to the Nigeria Labour Congress and all the trade unions and that meetings were held with the security apparatus.

Kachikwu said, “even when there was a consensus on how we were going to do it, we still had an issue at the very tail end of the moment; NUPENG and PENGASSAN supported but, of course, the other members of the trade unions pulled out.”

Successive leaders of the various labour unions see opposition to the removal of the subsidy as primary reason for the existence of their associations and because of the huge trust deficit, the government is never allowed a chance to make the case for subsidy reform.

With an estimated 37.2 billion barrels of proven oil reserves, Nigeria is one of the world’s largest oil producers. However, the country’s mineral riches have not resulted in a significant improvement in the quality of life for the majority of Nigeria’s citizens, with a scandalously high rate of child death and maternal deaths in a country now mocked as the poverty capital of the world.

By 2011, the cost of fuel subsidy accounted for 30 percent of the Nigerian government’s expenditure and it was about 4 percent of GDP and 118 percent of the capital budget according to Nelipher Moyo and Vera Songwe in an article for the Brookings institute.

“Nigeria’s fuel subsidy continues to crowd out other development spending. By comparison,, Nigeria’s total allocation for education is about $2.2 billion and it is not much higher for health care. Infant mortality in Nigeria remains unacceptably high at 90.4 per 1,000 live births. In 2004, it was estimated that only 15 percent of the country’s roads were paved.

“The $8 billion from the fuel subsidy could help to address some of these issues” they posited.

Many including Moyo and Songwe have argued that in debating the merits of Nigeria’s fuel subsidy it is important to understand who benefits the most from the program.

Contrary to popular belief, it is the rich not the poor who disproportionally benefit from Nigeria’s fuel subsidy. With the government subsidizing the market to keep domestic fuel prices artificially low, it is those who consume the most that have a greater benefit from the subsidy. Nigeria’s poor rely primarily on public transportation as such their per capita fuel consumption is significantly less than the country’s rich, who generally use private vehicles.

Neighboring countries also benefit significantly from Nigeria’s fuel subsidy through smuggling which has taken daily petrol supply to well over 55 million litres.

Kachikwu says “we need to segregate between those who need subsidy and those who don’t; you will find that 80 per cent or more of those who get subsidy today do not need it.

There is nothing necessarily bad with some element of subsidy if it is well-managed and is very little, and if the private sector can take it away completely; that is fantastic. That is the most ideal situation.

Moyo and Songwe suggests that Nigeria should start by assembling a committee of key civil society organizations to oversee the investment of proceeds from subsidy removal.

“Unlike the fuel subsidy itself, these programs should be targeted toward helping the poor including programs to reduce maternal and infant mortality and improve road quality and access. Most importantly, the programs must be tied to Nigeria’s overall development goals”, they explain.

The government and the proposed civil society oversight committee must prioritize sustainable investments that will have long-term development impact.

It is too early to tell whether the Nigerian government will succeed in ending the subsidy indulgence this time, but after over 30 years of dodging the issue and trillions of Naira spent, the removal of the fuel subsidy should be supported.

If implemented correctly, the subsidy funds could lead to major development gains. Moreover, the removal of the fuel subsidy – if successfully implemented – creates the space for Nigeria to finally develop refinery capacity, rebuild the downstream petroleum sector and consequently increase the government’s potential revenue from the oil sector and create jobs. Civil society organizations should take this opportunity to fully engage in the debate on how best to redirect the funding from the subsidy program. In turn, the Nigerian government must do better to communicate its plans and actions transparently to the people.

Source: Business Day

Bombs kill 138, wound hundreds in Easter attacks on Sri Lanka churches, hotels

Easter Day bomb blasts at three Sri Lankan churches and four hotels killed 138 people and wounded more than 400, hospital and police officials said, following a lull in major attacks since the end of the civil war 10 years ago

The explosions, some of which officials said were suicide bomb attacks, led to an immediate clampdown, with the government declaring a curfew and blocking access to most major social media and messaging sites.

It was unclear when the curfew would be lifted.

More than 50 people were killed in St. Sebastian’s gothic-style Catholic church in Katuwapitiya, north of Colombo, a police official told Reuters, with pictures showing bodies on the ground, blood on the pews and a destroyed roof.

Media reported 25 people were also killed in an attack on an evangelical church in Batticaloa in Eastern Province.

The three hotels hit were the Shangri-La Colombo, Kingsbury Hotel in Colombo and the Cinnamon Grand Colombo. It was unclear whether there were any casualties in the hotels.

The first six explosions were all reported within a short period in the morning just as church services were starting.

Nine foreigners were among the dead, the officials said.

Early in the afternoon, police reported there had been two more explosions. One was at a hotel near the national zoo in the Dehiwela area near Colombo.

A witness told local TV he saw some body parts, including a severed head, lying on the ground near the hotel.

The other explosion was in a house in Colombo, authorities said.

There were no immediate claims of responsibility for the attacks in a country which was at war for decades with Tamil separatists until 2009 during which bomb blasts in the capital were common.

Christian groups say they have faced increasing intimidation from some extremist Buddhist monks in recent years. And last year, there were clashes between the majority Sinhalese Buddhist community and minority Muslims, with some hardline Buddhist groups accusing Muslims of forcing people to convert to Islam.

Prime Minister Ranil Wickremesinghe called a national security council meeting at his home for later in the day.

“I strongly condemn the cowardly attacks on our people today. I call upon all Sri Lankans during this tragic time to remain united and strong,” he said in a Tweet.

“Please avoid propagating unverified reports and speculation. The government is taking immediate steps to contain this situation.”

President Maithripala Sirisena said he had ordered the police special task force and military to investigate who was behind the attacks and their agenda.

The military had been deployed, according to a military spokesman, and security stepped up at Colombo’s international airport.

Source: By  Ranga Sirilal, Shihar Aneez, Reuters

FG plans new strategies to tackle housing deficit

The Federal Government has restated its readiness to address housing deficit in the country through the introduction of new services designed to assist low-income earners and pensioners.

The Deputy General Manager, Federal Mortgage Bank of Nigeria, Sunday Ogunmuyiwa, stated this in Osogbo, Osun State, at a day seminar organised by the bank to sensitise the state and private sector employees to the need to join the scheme.

He said the FMBN had introduced a couple of new services to underscore its readiness to make houses available and affordable to more Nigerians.

“The services are individual construction loan, home renovation loan, rent-to-own loan scheme and Cooperative Housing Development Loan, among others. The National Housing Fund Mortgage Loan is still very much active and available to contributors,” Ogunmuyiwa said.

He assured the people that the bank would ensure that retirees, contributing to the NHF scheme, would get their refunds processed within three months of application.

In his remarks, Osun State Coordinator of the FMBN, Arowolo Babatunde, lamented that accessing long-time credit facility for home acquisition or development of personal homes had been a great challenge among low-income earners in the country.

He blamed the situation on the cost of land, challenges associated with land-grabbers and housing boom due to the high demand created by a rising population.

He appealed to the Osun State Government to further reduce the cost of obtaining titles so as to facilitate the creation of more mortgage facilities in the state.

Source: By Bola Bamigbola

N24.4 Trillion debt: Nigeria mortgaging its future – Olu Falae

Chief Olu Falae, former Secretary to the Government of the Federation (SGF) and presidential candidate of the Alliance for Democracy (AD) in 1999, who retired from active politics last February, as the National Chairman of the Social Democratic Party (SDP) is piqued at the security challengeS, as well as the economic situation in the country.

He is also sad at the type of politics played in the country, submitting that what is obtainable at the moment is monetics, and not politics due to the abuses on the ground. 

He barred his mind on other critical national issues in a chat. Excerpt:

How do you feel about the security challenge in the country?

Nobody is satisfied with the situation in Nigeria, there is so much insecurity in the land, you know what has happened to me personally, I have been a victim of kidnapping myself, you know my farm has been burnt a number of times, so what we have is a very bad situation. Of course, people say that the first responsibility of government is the security of the people, but what we have on the ground is nothing to be desired, it is not acceptable, at all.

What exactly do you think is the cause or causes and what the government is supposed to do and not doing?

Well, there are many things that should have been done. Look, first of all, many young people don’t know what to do, they are unemployed so there is desperation across the country. You must take care of the needs of ordinary people. If you are not sure of how to survive then there may be a threat to the security situation.

The economic situation is very bad, there is no power, there is no employment, infrastructure is poor among other failures, so all these added together create a very unacceptable security situation.

How would you react to the recent debt rise to N24.4 trillion released by the Debt Management Board?

 Well, we are just mortgaging the future because what you owe today, you pay tomorrow, therefore, our debt burden is excessive because the proportion of debt to our national income should be within an acceptable range, but ours has gone beyond what would be accepted as acceptable, so we are mortgaging the future, that is the truth of the matter, and to the extent that this debt is substantially foreign debt you must earn the foreign exchange to be able to service the debt and to repay it eventually, so if you don’t do that, as I said, you are just mortgaging the future. It means you are making the future more difficult than the present.

Are you really satisfied with the just concluded 2019 election?

That was not an election. In fact, there was no election in the true sense of the word. What we had was what I call a charade because where I live here in Akure, Ondo State, it was a political supermarket, and I mean what I am saying, political supermarket, it was a show of shame, seeing those who call themselves politicians openly buying votes and I felt ashamed. We will never have a democracy if we continue this way. Now, the question is once you have over monetized politics what will be the basis of choice of leaders: the more money you have and given out the brighter your chances. So, it’s no longer politics of service.

What we have is what I call monetics, this is what we are playing now, not politics. Do you hear about any manifestoes anymore? In the past, every political party will tell you what they will do for the country or for their people in education, health, culture, infrastructure, etc, if you vote for them. Not anymore.

Many of them that are contesting ask them of the manifesto, they won’t understand what you are talking about. All that matter is money. Of course, money is always important for everything that is important. In anything good, some money is required, for food, housing, education, etc., we know, but the way they are going about it now is disgusting, its sickening. Of course, you know that I ran for the presidency. When I ran for the office of the president in 1999, I spent money, I raised almost N600 million in Eko Le-meridian Hotel in Lagos in public and we spent that money on logistics, advertisement on radio and television, we printed posters, went on political rallies, funded people going to canvass and all that. You need money for logistics, but not money for buying voters, there is a big difference, not billions for bribing INEC officials, police people, and security officials. That is where the money goes now and the political leaders, they simply take the money and pocket it. So, as I said what we have now is no longer politics but monetics, for the higher bidder rather than for those with the passion to serve.

How do you think we can improve on our elections?

It is not the election that is the issue, it is we, Nigerians. I was in this thing called politics for about 30 years before I decided to retire, a few months ago. It is the Nigerian who feels that he cannot afford not to win the election, that he simply has to win the election either in the senatorial, governorship or in any political position, that he is running for, no matter what, by all means, fair or foul.

They want to win by all means, so it is the desperation not to lose the election that is driving them to do the unimaginable, the unthinkable things that we are witnessing today. So, the question is: why are we so desperate? Why are they so desperate as if, when you don’t win the election the world will come to an end?

The issue is the desperation in Nigeria politics and I suspect that the desperation is due to the fact that it (politics) is now viewed solely as a business venture. It is a situation like: I am investing my money and I cannot afford to lose. They are ready to borrow and borrow more or even print more money where they can and spend it and win the election and recoup the money after.     

Perhaps, because it is no longer for service?

Which service? It is now a business venture where they run to for investment purpose. Simple.

Was that part of the reasons you quit politics?

I think I have giving the reason I retired. Of course, I am no longer young. I am over 80 years and you can’t expect me to be that active again. My health challenge is one of the reasons, coupled with irresolvable differences in the Social Democratic Party, SDP, which I did not like.

Source: Sunnewsonline

South Africa church collapses during Passover: 13 killed, 16 injured

Thirteen people were confirmed dead with sixteen others sustaining varying degrees of injury when a church collapsed in South Africa’s KwaZulu Natal province.

The incident which occured late Thursday took place at the Pentecost Church located at the Dlangubo area of eMpangeni in the province.

This incident happened after their church building collapsed on them during a Passover service, the state-run South African Broadcasting Corporation, SABC, said in its report.

Health officials say the building collapsed due to heavy rainfall in northern parts of the province. A team of government officials are set to visit the scene on Friday, the SABC report added.

The KwaZulu Natal provincial government has sent words of commiserations to the affected families with the promise of a full scale probe into the incident.

Ahead of a long Easter holiday, authorities are also tasking motorists to be responsible whiles using the roads. The season has often recorded accidents due to speeding and drunk driving hence the awareness creation efforts.

View image on Twitter

Disaster management team has been dispatched to the Dlangubo area of eMpangeni on the north coast of KwaZulu-Natal where 13 congregants of the Pentecostal church were killed last night.

Source: By Abdur Rahman Alfa Shaban

No signs of global recession in next 12 months: BlackRock’s Fink

There are no signs that the global economy is sliding toward a recession in the next 12 months, BlackRock Inc’s Chief Executive Larry Fink said in remarks published on Saturday.

In an interview with German business daily Handelsblatt, Fink warned, however, that the global economy was in the late stage of a long growth cycle, suggesting that downturn was becoming more likely.

“I see no signs of a global recession in the coming 12 months,” said Fink, who leads the world’s largest asset manager.

“The central banks have loosened their policy above all because of the weak fourth quarter of 2018. We will go through a phase in which things are not great but also not bad.”

He added: “But we are naturally in a late phase of the economic growth cycle.”

The International Monetary Fund cut its global economic growth forecasts for 2019 this month and said growth could slow further due to unresolved trade disputes and the risk of Britain leaving the European Union without a deal.

The global lender said some major economies, including China and Germany, might need to take short-term actions to prop up growth and that a severe downturn could require coordinated stimulus measures.

German Finance Minister Olaf Scholz has ruled out taking on new debt to stimulate growth in Europe’s biggest economy, saying tax cuts, higher investments and a solid labor market will continue to provide growth impetus.

Source: By Joseph Nasr, Reuters

Smart housing could help reduce environmental impact of rapidly urbanising Africa

Hundreds of millions more Africans are predicted to live in cities over the next three decades as the continent rapidly urbanises. Many of these new urban Africans, however, are likely to end up in informal settlements. Already an estimated 200 million Africans live in informal settlements – often without access to energy and sanitation.

The growing class of urban poor need access to decent housing. But the challenge is that the global housing sector already emits almost a third of global greenhouse gas emissions and uses up to 40% of the planet’s total resources. New approaches are clearly needed.

As the housing sector grows — and it must grow if we want an equitable world — we need to reduce its environmental impact, not raise it,” said UN Environment acting executive director Joyce Msuya. “Smart design is the only way to meet our housing needs and stay within planetary boundaries.”

UN Environment, UN Habitat, the Yale Center for Ecosystems in Architecture and associated partners are working on these designs, one of which is on display at the UN Environment headquarters in Nairobi, Kenya.

3D-printed modular structure

First unveiled at the fourth United Nations Environment Assembly, the 3D-printed modular structure, made from biodegradable bamboo, aims to spark ideas and debate on how future biomaterial processes can help meet the Sustainable Development Goals, Habitat III New Urban Agenda and Paris Agreement.

The pavilion shows how post-agricultural waste — like bamboo, coconut, rice, soy and corn — can be turned into construction materials. It demonstrates solar energy and water systems that make homes self-sufficient and zero carbon. It highlights how micro-farming can be achieved with plant walls. All these features, and more, are integrated, monitored and managed by sensors and digital controls.

“As urbanisation gallops forward, people around the world are tired of seeing precious natural habitats paved over with toxic, energy-intensive materials such as concrete and steel,” said Anna Dyson, director of the Center for Ecosystems in Architecture at Yale University. “In the 21st century, global construction practices must innovate towards nature-based solutions for future cities. Our research consortium with East African collaborators is devoted to advancing state-of-the-art locally produced building systems.”

It is fitting that the pavilion is based in Kenya, as the government there has prioritised affordable housing as a key pillar of its Big Four Agenda, which aims to make the East African nation an upper middle-income country by 2030. Over the next five years, the government plans to build over 500,000 affordable houses across the country to meet the ever-growing housing demand.

Sustainable construction

To achieve the low-cost housing agenda, however, the industry needs to embrace technological changes that will result in the use of innovative sustainable construction, the aggregate effect of which would be to lower the embodied energy and average cost of manufacturing and housing.

“Architecture must address the global housing challenge by integrating critically needed scientific and technical advances in energy, water, and material systems while remaining sensitive to the cultural and aesthetic aspirations of different regions,” said Deborah Berke, dean of the Yale School of Architecture.

The pavilion serves as a starting point for those in government and industry to think about what they can do better. It is part of a series of demonstration buildings, which started with a 22m2 “Ecological Living Module”, powered by renewable energy and designed to minimise the use of resources such as water. This module was displayed at the United Nations High-level Political Forum on Sustainable Development in 2018.

Source: Biz Community

Figures show that repossessed homes selling for less is a myth

It is often thought that repossessed homes in the UK sell for less than their market price but new research reveals that sales achieved are at their highest since June 2018.

The amount of money being achieved for a repossessed home by Spicerhaart Corporate Sales is at its highest level in nine months.

Spicerhaart Corporate Sales achieved an average of 104.29% against the market value on properties that were taken into possession and sold in March 2019, up from an average of 96.73% in the preceding three months.

On a property worth £150,000 that is an extra £11,340, and the firm points out that the market has improved recently and this is reflected in the fact that the properties which completed in March achieved on average 24 viewings and five offers.

Ensuring all properties were available until exchange of contracts helped Spicerhaart Corporate Sales achieve higher offers on a number of properties which also impacted the timeline.

sales

While repossession is always the action of last resort, the process of inviting higher offers up to the point when contracts are exchanged ensures that the eventual sale has a positive impact on the borrower in terms of a higher sale price.

It also focuses on shortening the time it takes to achieve a sale, bringing significant benefits to the borrower by returning any surplus money to them more rapidly, helping them to achieve closure and giving them the opportunity to move on in their lives.

‘While having to take someone’s home into possession is never ideal, achieving a sale quickly and raising the maximum amount for it potentially means more money for the borrower, more quickly,’ said Dave Miller, client account manager of Spicerhaart Corporate Sales.

sales

‘It is a myth that repossessed homes are sold off cheaply. We have a duty of care to get the best possible price for a repossessed property and in March this year, we have achieved the highest average price since June 2018’s peak of 107.20%. Achieving a sale of more than the property’s market value is a real benefit to the borrower,’ he explained.

‘The market was quite slow towards the end of 2018, but things are now starting to pick up, so, by taking advantage of the current levels of demand for properties throughout the country we are able to get the best price for both the borrower and the lender,’ he added

Source: Property Wire

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