Leasehold properties are booming in London

A70XPELeasehold properties are doing well in England and Wales, particularly in London and Manchester. Half of the homes in cities such as London and Manchester are leasehold. According to the home conveyancing services My Home Move, around 52% of homes in London and 45% in Manchester are leasehold, while overall in the country just 15% are leasehold.

Doug Crawford, CEO of My Home Move explains: “The redevelopment of England and Wales’ towns and cities over the last 30 years means there are more leasehold properties on the market, as new build apartment blocks are constructed and old warehouses are converted into flats, Controversially, even some new build houses in suburban and rural areas are now sold as leasehold properties. The investment has given the countries’ housing stock a very welcome boost, but it also means that buyers are more likely to encounter a leasehold property than ever before. Before buying leasehold, would be owners need to make sure they know how long is left on the lease and when this will need to be reviewed, and ensure they factor any additional charges into their financial planning. By doing so, buyers can save themselves from any potential shocks further down the line.”

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