Nick Millican: More Leaseholders in London Want to Sell Up Due to High Costs
Real estate agent Nick Millican comments on the UK´s current housing trends. It is estimated that 13 percent of leaseholders in London want to sell up due to service fees and rising ground rents. This is much higher than the number of leaseholders who want to sell their home. Four percent of leaseholders are thinking about selling up.
London leaseholders are definitely feeling the pain of the rising housing costs. Only 35 percent of people believe that service charge fees and ground rents are reasonable. As Nick Millican informs, sixty-five percent of them have trouble paying those fees.
The vast majority of London’s new homes are leasehold. People who leasehold are required to pay a yearly ground rent to the owner of the land. Leaseholders also have to pay for building insurance and maintenance costs. As Nick Millican comments, people who do not keep up with the payments may end up losing their land.
Mark Arnold is the Head of Savings and Mortgage at Barclays. He stated that many homeowners have been financially burdened by inflation.
Up to now, there is currently legislation being proposed to ease the whole and filled financial burden that many leaseholders have. The legislation will reduce the peppercorn rent rate; it is important to seek the help of a professional if you are interested in leaseholding. Nick Millican can help people who want to leasehold.
