High service charges, fire safety issues, and onerous leasehold conditions are among the issues affecting flat valuations in the UK over the past decade, with reports of owners, particularly in London, selling at a loss.
Slow sales and market challenges
According to research by Zoopla, the property search website, flats in England take 46–47 days to sell. In Scotland, where the long leasehold system does not apply, the average selling time is 16 days.
Experts say first-time buyers cannot get loans for flats in blocks with many rentals, and surveyors are stymying sales by “down valuing.”
Impact on the property ladder
These factors are putting a stranglehold on what is traditionally the most affordable route onto the property ladder. The Guardian is asking readers to share their experiences of trying to buy or sell a flat in recent months.
“Getting on the property ladder is an achievement in Britain, but for some flat-owners the home-ownership dream has turned sour,” the article notes.
