The introduction of a ban on new leasehold houses would be a welcome step forward, however the feeling is that these changes simply don’t go far enough. A tentative shuffle in the right direction rather than a giant leap.
Currently around 1% of new houses are sold as leasehold, a tiny fraction in comparison to the huge numbers of flats and apartments which are sold as such. These changes offer little hope to those people in flats and apartments who often face significant expense and lengthy delays when trying to extend their lease or buy the freehold. Additionally, whilst ground rents on leases of flats have been capped since June 2022, nothing has been done to address existing leases with high ground rents and unfair rent review clauses often making the flats unsaleable.
Whilst the exact detail of these changes will become clear in time, many leaseholders are likely to feel underwhelmed at what has been shared so far.