Editor's note: This brief was summarised by The Property AI Team from a report by Letting Agent Today. Read the original article for full details.
Propertymark Supports Labour’s Plan to Ban New Leasehold Flats
Propertymark has announced its support for Labour’s proposal to ban the sale of new leasehold flats. The organisation is advocating for these to be replaced with a commonhold system, which is intended to give homeowners greater control over their properties.
In its response to a consultation by the Ministry of Housing, Communities and Local Government, Propertymark stated that the proposed reforms could help address many of the long-standing issues associated with leasehold ownership. According to the proposals, most newly built flats would no longer be sold on leasehold agreements.
These developments are particularly relevant for UK letting agents and inventory clerks, as changes to leasehold and commonhold systems could impact property management and tenancy arrangements in the future.
Source: Letting Agent Today