Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Propertymark Urges Government to Accelerate Leasehold Reform
Propertymark is urging the government to speed up leasehold reform following research into leaseholder experiences. The organisation's survey found that 93% of leaseholders would not purchase another leasehold property.
The survey, which included responses from over 1,200 leaseholders and 200 Propertymark members, also revealed that 86% of leaseholders had experienced an increase in service charges over the past two years. Additionally, 89% of respondents said that challenging unfair service charges was difficult.
These findings highlight ongoing concerns within the leasehold sector, particularly around rising costs and the challenges leaseholders face in disputing charges. Propertymark's call for faster reform is aimed at addressing these issues, which are relevant to letting agents and inventory clerks managing leasehold properties.
Source: Property118