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Propertymark urged the UK government to actively pursue leasing reform
三月 19, 2024
Propertymark urged the UK government to actively pursue leasing reform 倫敦
By   Internet
  • 城市報
  • Rental reform
  • ground rent issues
  • British housing
  • British housing market
Abstract: Propertymark is urging the UK government to actively push forward with rental reforms before the second reading of the Leasehold and Freehold Reform Bill in the House of Lords on March 27, 2024. This aims to comprehensively review and improve the residential leasehold property system in England and Wales to address existing issues and shortcomings.

Specifically, the bill will impact around 500 households currently constrained by "problem" leases held by eight different companies. These leases stipulate that ground rent doubles every 10 to 15 years, causing significant difficulties for tenants. Therefore, the passage of the new bill will bring substantial improvements for these households, freeing them from this unfair ground rent system.


Timothy Douglas, Policy and Campaigns Director at Propertymark, believes that a ban on ground rent is crucial as part of the Leasehold and Freehold Reform Bill.


Propertymark urged the UK government to actively pursue leasing reform

propertywire


He emphasizes that the government should take steps to streamline the rental process, such as simplifying lease extension procedures, while ensuring that remediation plans for properties without managing agents can be smoothly implemented. Additionally, he proposes regulatory recommendations for developers and real estate practitioners to protect consumer rights and ensure fairer and more transparent industry operations.


According to surveys, approximately 72% of brokers support restrictions on ground rent, with over half (55%) hoping for clear regulations from the government in this regard. This indicates the urgent need within the industry for rental reforms and broad support for related policies. By advancing this series of reforms, the UK government will be able to create a more stable and equitable environment for tenants and the real estate market, fostering the healthy development of the industry.

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Propertymark urged the UK government to actively pursue leasing reform
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