Latest News

Land Transaction Tax (LTT) nil rate band extended

04 March 2021

On 3 March 2021, the Welsh Government announced that the temporary increase to the nil rate band of LTT for residential property transactions will be extended to 30 June 2021. Read More...

Campaign leads to extended Stamp Duty holiday

03 March 2021

The Chancellor has listened to Propertymark’s calls to avoid a cliff-edge deadline to the Stamp Duty Land Tax holiday in the UK Government’s budget, today, 3 March 2021. The nil rate band up to £500,000 will end on 30 June, instead of March. A transitional nil rate band up to £250,000 will be in place until the end of September and then return to £125,000 from October, with first-time buyers continuing not to pay stamp duty on properties up to £300,000. Read More...

Estate agents lose over £4,000 for every property sale that falls through

25 February 2021

Research carried out by Propertymark over the last year found an average of 17 property sales fell through, with 42 per cent of respondents saying failed sales are a significant problem for businesses. Read More...

Possible stamp duty extension

24 February 2021

Propertymark’s Chief Policy Advisor Mark Hayward has today welcomed speculation in The Times that the Chancellor may extend the Stamp Duty Holiday in England until the end of June, in next week’s budget. Read More...

Property expert Nathan Emerson becomes Interim CEO of Propertymark

24 February 2021

The Board of Propertymark has asked Nathan Emerson to assume the role of Interim CEO with immediate effect. Nathan’s appointment will provide great stability for the organisation, its staff and its members and will ensure that the operational delivery of its new and exciting strategy is taken forward. Read More...

Housing Secretary commits to redress scheme for leaseholders

Wednesday 15 January 2020

Leaseholders will get a redress mechanism, and leasehold reform legislation is on the way, Housing Secretary Robert Jenrick has confirmed.

The Government did not specifically include redress for leaseholders in the December 2019 Queen’s Speech but, speaking during an oral questions session in the House of Commons this week, the Housing Secretary committed to a redress scheme. He also announced that a draft bill on banning leasehold houses and reducing ground rents would soon be published. 

New Homes Ombudsman

A government-established redress reform working group was formed in January 2019 and has been working to establish a single point at which all complaints could be handled. 

There has been a change of government since the group was convened, however The Queen’s Speech did propose a New Homes Ombudsman, something that Propertymark has championed in our work on leasehold issues. 

 

Quote mark

We have committed to filling a gap in redress provision for leaseholders by making a redress scheme mandatory for freeholders who do not use managing agents.

We will be bringing forward legislation on this in due course.- MHCLG statement

 

Clarity still needed

It is unclear from the Housing Secretary’s answers in Parliament whether a redress scheme would help existing leaseholders, or apply only after a New Homes Ombudsman is instated. 

Quote mark

We know that the government has been extraordinarily keen to look at all aspects of leasehold property, whether enfranchisement, alleged mis-selling of property or rapidly escalating ground rents.


They are also keen that the consumer shouldn’t be penalised and should be fully informed as to all obligations before purchasing the property.


We’re not aware that a separate redress scheme for leasehold housing will be set up, but we are aware that the possibility of a New Homes Ombudsman is very real.

Mark Hayward

Mark Hayward
NAEA Propertymark Chief Executive

 

 

 

LEASEHOLD: A LIFE SENTENCE?

Propertymark continues to lobby and campaign on leasehold, working in the best interests of those affected by leasehold issues. Find out more about this work, as well as training courses, and guides helping agents and consumers to understand leasehold issues.

Leasehold