Move iQ UK Housing Market Update 2022

The Welsh Government has committed £90 million in low-interest loans to Registered Social Landlords (RSLs) to support the delivery of affordable housing and improve existing homes across Wales. The funding aims to help RSLs manage the rising borrowing costs while ensuring the continued development of much-needed affordable homes. The latest round of loans will contribute to the delivery of 277 new homes, with 119 expected to be completed within the current Senedd term.

The UK Government has committed to banning the sale of new flats on a leasehold basis and reforming the legal framework for commonhold, so it becomes the default and preferred tenure. It will also become easier for existing leaseholders to convert to commonhold, although the complexities of this may take longer to work out. Few agents in England and Wales have experience with commonhold, as less than 20 developments currently exist, so Propertymark has broken down some key parts of the proposals to help members understand the change.

Harmless plants, including Bindweed and dogwood, are frequently mistaken as Japanese knotweed, leading to unnecessary alarm and potential complications during property transactions, and further education is needed to help with identification.

The buyers of a £32.5 million mansion sued the seller after he failed to give honest information about the state of the property in pre-sale enquiries, particularly, a serious moth infestation. As a result, the court ordered the sale to be reversed, with the buyers receiving a refund of the purchase price plus £4m in damages, including compensation for ruined items.