Propertymark has backed government plans to ban the sale of new leasehold flats, arguing the move could help address longstanding issues affecting homeowners across England and Wales.
Responding to a consultation launched by the Ministry of Housing, Communities and Local Government, the organisation said replacing leasehold with commonhold ownership would give flat owners greater control over the management of their buildings while removing costs such as ground rent.
Under the proposals, most newly built flats would no longer be sold on leasehold agreements. Instead, buyers would own their property through a commonhold structure, where residents collectively manage shared parts of the building.
Propertymark said reform is needed following years of concerns over service charges, lease terms and management arrangements linked to leasehold ownership.
Research previously carried out by the organisation found that 94% of leaseholders regretted purchasing a leasehold property, while 93% said they would not buy another leasehold home. Separately, 76% of property agents reported that leasehold flats are becoming harder to sell.
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