Latest News

Housing market continues to thrive following lockdown

29 July 2020

Propertymark's June Housing Market Report shows that one in 10 properties (10 per cent) sold for more than the original asking price as buyers compete for the successful bid on their dream home, which is the highest recorded since February 2016 where 11 per cent sold for more. Read More...

Guidance released for re-opening of housing market in Wales

28 July 2020

Today, 28 July, the Welsh Government has released guidance for the property sector and has updated its amendments to the Health Protection (Coronavirus Restrictions) (Wales) Regulations in light of the re-opening of the housing market from 27 July. Read More...

HM Land Registry to accept electronic signatures

27 July 2020

Today, Monday 27 July, the transfers of ownership of property, leases, mortgages, and other property dealings can now be signed electronically, making it simpler and faster for people to move home. Read More...

Welsh Housing market to re-open fully from Monday 27 July 2020

24 July 2020

Today, 24 July, the Welsh Government confirmed that the housing market will fully reopen on Monday 27 July 2020. Read More...

Competition watchdog plans action against mis-sold leasehold homes

Friday 28 February 2020

The Competition and Markets Authority (CMA) has announced it has found evidence of mis-selling of leasehold homes and it will launch enforcement action.

Home owners are being forced to pay escalating ground rents; misled about the cost of converting their leaseholds to freehold; not being told upfront that a home is leasehold; charged ‘excessive and disproportionate fees’ for costs such as maintenance to common parts, or for making home improvements. 

Propertymark welcomes the CMA’s move to launch enforcement action, having long campaigned on issues around the sale of leasehold properties.

Quote mark

We have long called for action to be taken to help leaseholders who have been misled and treated unfairly.

For too long, house builders and developers have not been transparent enough about what it actually means to buy a leasehold, which in turn has meant many owners have been faced with escalating ground rents and unreasonable fees, leading them into financial difficulty.

Our research shows three in five (62 per cent) leaseholders feel they were mis-sold and therefore it’s vital enforcement action takes place as soon as possible to give some hope to those who are currently trapped with no easy route out.

Mark Hayward

Mark Hayward
NAEA Propertymark Chief Executive

 

The CMA’s enforcement action could include forcing firms to sign legal promises to change their business practices, as it works with the Government on changing leasehold law.

ADDRESSING LEASEHOLD ISSUES

The CMA’s announcement follows the Government’s commitment to establishing a New Homes Ombudsman, with legislation expected.

New Homes Ombudsman  

LEASEHOLD: A LIFE SENTENCE

Propertymark has campaigned on issues surrounding leasehold sales, calling for the government to change the laws surrounding leasehold and establish a New Homes Ombudsman.

Leasehold