Millions of Brits to Benefit from Ground Rent Slashing, Says Gove


Key Points:

Michael Gove promises rapid timeline for saving homeowners thousands by cutting ground rent to a peppercorn rate.

The Leasehold and Freehold Bill to become law before the next election, estimated to save homeowners £5.1bn in ground rent over 10 years.

Over four million leaseholders in England and Wales stand to save around £1,136 each under the reforms.

Gove's Pledge to Homeowners:

Housing Secretary Michael Gove vows to stand firm against "shadowy corporations" and "fake campaigners" opposing housing reform.

Gove insists on reducing ground rents to peppercorn prices, emphasizing the need for fair service charges.

A timeline for the ground rent reduction will be outlined in law before the upcoming general election.

Defiance Against Lobbyists:

Lobbyists representing freehold companies have been pressuring ministers to scrap the bill, threatening legal action over lost income.

Gove remains resolute, stating that parliament's duty is to represent the people and not give in to the demands of a few investors.

Gove highlights the importance of supporting hardworking individuals striving to enter the housing market.