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Propertymark has welcomed a commitment from Matthew Pennycook, the minister of state for housing and planning, to reform the leasehold system in England and Wales and to regulate the property sector by revisiting Lord Best’s Regulation of Property Agents report from 2019.
On 21 November 2024, Pennycook made a statement on the UK government’s upcoming steps regarding leasehold and commonhold reform.
The statement laid out the steps the UK government wishes to take to enact the reforms to the leasehold system, alongside a wider set of reforms to the leasehold and commonhold system throughout the remainder of this parliament while collaborating with delivery partners and stakeholders.
Although the UK government stressed that there are some fundamental flaws in the Leasehold and Freehold Reform Act 2024 that must be corrected prior to some of the measures taking effect, the statement reaffirms the UK government’s pledge to enact the Leasehold and Freehold Reform Act 2024.
The statement explained that in January 2025, the UK government will start removing the two-year restriction on enfranchisement and lease extension claims from the point of property purchase so that leaseholders will no longer have to wait.
In Spring 2025, the UK government will start the provisions on the Right to Manage, which increases access to the right for leaseholders in mixed-use buildings, alongside reforming costs and voting rights.
Next summer, the UK government will consult on the valuation rates used to work out the cost of enfranchisement premiums.
The UK government has also committed to revisiting Lord Best’s 2019 report on regulating the property sector, which includes minimum compulsory qualifications, as well as consulting next year on choices to reduce the prevalence of private estate management arrangements to stop ‘fleece holding’.
Timothy Douglas, head of policy and campaigns at Propertymark, commented: “Propertymark welcomes further reforms to leasehold to strengthen protections for consumers and make it easier for people to buy, sell and rent homes.
“It is encouraging that the minister is looking again at Lord Best’s report and understands the value of qualifications for agents and professionalising the property sector.
“Propertymark looks forward to continuing to work with the UK government to ensure these requirements are extended as widely as possible across the property sector.”
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