Cities are hotspots for leaseholds
City centres have the highest proportion of leasehold properties than other places in the UK with London and Manchester leading the way, new research has found.
The study by My Home Move analysed more than 20 million property transaction records in England and Wales using Land Registry data and found that across the two countries, an average of 15% of residential properties are leasehold with the remainder being freehold.
However that figure rises sharply in London, where 53% of homes are leasehold, and Manchester, which is second with 46% of properties being leasehold.
Researchers point to rising property prices and a high population density for the increase in leaseholds because houses are split into flats and there are more apartment blocks being built.
Overall, the study found that centres of large cities have a much higher proportion of leaseholds than freeholds. While the top 20 hotspots are dominated by parts of London and Manchester, Liverpool, Newcastle and Birmingham also have areas that make the list.
Doug Crawford, My Home Move chief executive, said: “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.
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