There is no justification for ground rents to escalate the way they have been, but could banning leaseholds create a double-tier market trapping leaseholders in their properties?
Spicerhaart Part Exchange and Assisted Move (PX-AM) is expanding into the south west with a new business development manager and contract with Linden Homes South West.
According to research from Spicerhaart Part Exchange & Assisted Move, around half of all pensioners are considering downsizing to release equity from their homes – that’s around 5.7million people.
However, due to stamp duty, estate agency fees, surveys, legal costs, removal fees and refurbishment costs, they could ‘lose’ up to £29,000 on average doing so.
Leaseholds were initially implemented for flats and apartments with shared facilities, but in recent years there has been an increase in selling leasehold new-build houses, and there are now around 1.4million in England.
It’s no secret that there is a housing crisis. It has now reached such a critical point that we need to build at least 250,000 new homes every year to get anywhere near close to meeting the ever-growing demand.
And while we are all aware of the need for thousands of new homes, what we do have a problem with is houses popping up on our green land when we can patently see run-down sites across the UK that are not being utilised.