The UK antitrust regulator has announced a clampdown on developers over “troubling evidence” of mis-selling in the sale of leasehold properties in the UK.
The Competition and Markets Authority (CMA) stated on Friday, February 28, it would take “direct enforcement action” against firms it believes have broken consumer protection law.
The watchdog has been investigating issues in the leasehold property market since last June. It stated it had identified a range of concerns from its probe so far, including that leasehold homeowners have been “unfairly treated” and potential buyers “misled” by developers.
Andrea Coscelli, the CMA’s chief executive, said, “Buying a home is one of the most important and expensive investments you can make, and once you’re living there you want to feel secure and happy. But for thousands of leasehold homeowners, this is not the case.”
The CMA stated its evidence supported the case for changes in the law. It is helping working with the wider government on plans to ban the sale of new leasehold houses and cut ground rents on leases to zero.
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