Housing Minister announces intention to Regulate the Property Sector

Ahead of the BBC’s ‘Leasehold Day’ on the 22nd November 2024, the Housing Minister, Matthew Pennycook, unveiled the government’s plan to transform the property sector by abolishing the leasehold system and replacing it with commonhold as the default tenure.

This pivotal reform is set to be implemented within the current parliamentary term, possibly alongside the long-awaited introduction of the Regulation of Property Agents (ROPA).

The ROPA report, published in 2019, with Lord Best chairing the working group, highlighted the necessity for property agents to possess formal qualifications, ensuring they have the requisite knowledge and skills to serve clients effectively.