I regret Jack, the tanking of the mkt & the need for Harry's campaign are symptoms not the cause. Other events ripped off the rosy veil. We've been fighting for yrs. I first went to my MP in 2016 (note, pre-Grenfell). I cld see what was coming down tunnel 4 NB flats clear as day.
@Stonksyio No. The way forward is the legal structure used everywhere around the world except England and Wales. The buyer of a flat is a part-owner of the building it sits in. In the US, it’s co-op or Condo, Australia it’s strata-title.
The dream of climbing the property ladder isn't working out for British millennials
Olivia Rudgard explains why young UK owners are finding themselves stuck https://t.co/6Ti24wDPYC
@proptechpioneer@katesineed@HarryScoffin Agree and probably why so many other countries adopted a similar land law system (‘strata’ the prime example) over the past century
The off-shored abusive freeholders, their puppet MAs, alongside failed corporate governance, & campaigns which built good roots but failed to evolve is what "talked down the mkt". Add in the predictable drying up of £ pumping prices & a few more 🌎 crises. Not someone in 2023 🤷🏻♀️.
@martinboydlkp What a sad message! Nothing has talked down the leasehold market as the rapacious behaviour of freeholders and their managing agents. Buyers have wisened up. The leasehold market is due for an explosive correction. If the government won’t do anything, the market will!
@martinboydlkp What kind of comment is that Martin?
#leasehold should have been abolished decades ago like in most countries!
Leasehold tenure is not ownership in the eyes of the law!
Why defend something that penalise the many & favour a minuscule % of UK citizens?
Leasehold is toxic & abusive
@martinboydlkp Taking it down? It did that all for itself. Rubbish managing agents. Obscure ground rent specialists. Absent superior landlords. Have never seen a system more in need of reform than this one. It no longer works for ordinary people.
@martinboydlkp I saw this leasehold (mainly NB) crisis coming as early as 2016. I went to see my MP, x2, pre-Grenfell. It's a fight to remove the abusive behaviour by some bad actors who've hoovered up the NB leasehold & estate 🏢 during yrs of Govts inaction. Not talking down the market.
I was a year old. The year? 1995.
Blair promised to end “archaic and discredited” leasehold and make commonhold common.
But in power, Labour put the property mafia before the people.
“The 2002 Act was the result of a bargain,” Lord Falconer later admitted.
Free leaseholders.
@disheartened_gy The 2000s construction boom, with leasehold flats built for regeneration, made reform much more daunting. Under New Labour, resi freeholds became a highly monetised investment asset class in other people’s homes, creating a form of path dependency in policymakers’ thinking.
The level of failure in our housing system is getting absurd.
Continuing to rely on overpriced new builds with rip-off service fees is going to bring the whole pack of cards crashing down.
We need homes for those who can't afford them, not assets for the super rich.
Yep. Can confirm I'm throwing everything out of the balloon basket to raise £14k for the HA major works bill, yet driving a 16 year old car in need of a service, new squeaks, troublesome starts and a dashboard engine light on constant amber. Crazy isn't it? I'm effectively giving them the secondhand car of my dreams, yet effectively no further on in life. £14k to remain exactly as I am.
@GBNEWS This is a false characterisation and incorrect. Even if this is the case, all investments carry risk. Why is my home as a leaseholder your pension pot and retirement strategy? That is the real question. I pay for the risk, the mortgage, stamp duty and extortionate service charges