To ask the Secretary of State for Housing, Communities and Local Government, what assessment his Department has made of the potential effect on purchase prices of specialist retirement properties in the event that ground rents are abolished for those properties.
26 March 2021
The Government has set out a package of measures to tackle unfair practices in the leasehold market and promote transparency and fairness for both leaseholders and freeholders.
We will bring forward legislation in the upcoming session to restrict ground rents on newly created leases to a peppercorn (zero financial value). This will be the first part of seminal two-part legislation to implement reforms in this Parliament. In line with usual practice, the government’s intention would be to publish an impact assessment on our leasehold reforms as part of taking primary legislation through Parliament.