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Jamie Hutton

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May has been a great month for Huttons & Partners. We've met some fantastic new clients, enjoyed a little sun in between meetings, and activity has been steady. We’ve agreed sales on a number of our properties 🙌🏼 , and there has been a noticeable uplift in the rental market, too.

Like this view? Click on the image to see the rest of this stunning home we have for sale 😎

Sales

We’ve accepted offers and reached completion on some of our luxurious London homes. While it’s sometimes sad to say goodbye to some of these stunners, we always enjoy the day when we hand over keys to their new owners.

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Rentals

It’s very typical for our business to see an increase in rental demand at this time of the year and yet, we’re still delighted to see it. We’ve listed some great homes recently and have plenty of clients keen to see what else is coming to the market. If you are looking for an agent to help you to let your London home out, please do reach out.

Property Market HeadlinesLeasehold & Freehold Reform Act

The big news this month is the newly passed Leasehold and Freehold Reform Act, which introduces crucial rights, powers, and protections. However, anticipated changes, such as the removal of ground rent for existing leaseholders or capping it at £250, were omitted from the final legislation passed on Friday.

What the New Legislation Means for Homeowners

The Leasehold and Freehold Reform Act aims to provide homeowners, particularly those with leasehold properties, with greater control and security. Key features include:

- Enhanced rights for leaseholders to manage their properties.

- Increased protections against unfair leasehold practices.

- More power for homeowners to resolve disputes.

Ground Rent Cap Proposal Dropped

Initially, Housing Secretary Michael Gove proposed capping ground rents at a nominal level, later adjusted to £250. However, this proposal was scrapped in the rush to pass the legislation before Parliament dissolved for the general election on July 4.

The Act was among the final pieces of legislation passed before the parliamentary session ended. Michael Gove, who recently announced his decision to step down as an MP, played a crucial role in these changes despite the omission of the ground rent cap.

Looking Ahead

For homeowners and potential buyers in London, staying informed about these legislative changes is essential. We feel it is a positive step, making leasehold purchases more attractive in the future and providing flexibility and control for leaseholders.

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For more detailed advice on how this legislation might affect your property, or if you have any questions about the East London property market, as always, please feel free to get in touch.

Best wishes,

Jamie

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