An expert at regional law firm Napthens is reporting that local developers are reacting positively to the recent controversy over leasehold tenure.
Last year the Government announced a consultation into ‘tackling unfair practices in the leasehold market.’
Then earlier this year the new housing minister revealed the Government would set out a range of measures to tackle abuses and unfair practices including legislation to prohibit the development of new build leasehold houses and supporting existing leaseholders.
The controversy came after it was revealed thousands of homeowners had been caught out by spiraling ground rents on leasehold properties which in some cases mean homes cannot be sold.
Heather Keighley, head of plot sales and part of the Commercial Property team at Napthens, said: “Leasehold reform has been in the limelight for some time, but in reality could be years away.
“However, the team at Napthens is seeing a constructive response to potential reforms from housing developers.
“Positive steps are being taken to ensure that disposal of leasehold residential units are on favourable terms to individual plot buyers and their lenders, with the majority of developers now offering freehold tenure as standard.
“While we await the Government’s next steps, the new-build housing sector is still in a period of growth in the region, with new site instructions and planning applications widespread across the North West.”