Money Box
Summary
The price difference between flats and houses in England has reached its highest point in 30 years. Many flats for sale, especially one- and two-bedroom ones, remain unsold this year due to problems with lease agreements and extra costs. The government is working on new rules to address these issues.Key Facts
- The price gap between flats and houses is at its largest in 30 years.
- About two-thirds of one- and two-bedroom flats listed for sale this year have not sold.
- The leasehold system in England is a major reason for flats being less popular.
- Leasehold means owning a flat for a set number of years, not buying the land outright.
- Costs like maintenance and service charges add to the challenges of flat ownership.
- The government is planning new measures to improve the leasehold system.
- The radio program Money Box discussed the financial impact of buying flats.
- Experts from mortgage and leasehold organizations participated in the program.
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