‘The market is dead’: why aren’t flats in England selling?
Figures show most leasehold flats in England do not find a buyer within six months, despite slashed prices ‘The market is dead for flats,” says Susan Young*, who has been trying for some time without success to sell her two-bed flat in a popular Devon seaside resort. The first-floor property is in “immaculate condition”, Young says, thanks to the £15,000-£20,000 spent on renovations. It has…
The leasehold flat market in England is reportedly struggling, with many properties taking longer to sell than flats in other forms of ownership. The issue has been exacerbated by numerous scandals and controversies associated with leasehold properties, including high service charges, ground rents, and costly lease extensions. This has led to a preference for buying houses over flats, as first-time buyers and investors often have different price expectations.
In London, where flats are the primary choice for first-time buyers, investor-owned flats are priced beyond the reach of those with typical budgets. Additionally, stricter mortgage lending rules imposed by banks and down valuation practices by surveyors have further limited the flats market. As a result, many flat owners are left with unsold properties, leading to dispiriting experiences and financial losses.
Written by urgent.news from Guardian Business's reporting — not their text. Machine-written; read the original for the full account.
