Manchester Evening News
·Jul 2026
The dream of city centre living has turned into an 'absolute s*** storm'
Leasehold flat owners in Manchester face falling property values and rising service charges, leaving many unable to sell their homes and burdened with debt. Campaigners and residents describe the leasehold system as financially damaging, citing issues such as cladding remediation delays, opaque fees and restrictive lender requirements. Data shows steep declines in city-centre flat prices since 2024, with widespread oversupply contributing to stagnation. The government has announced reforms to ban leasehold on new flats, cap ground rents and strengthen protections for existing leaseholders, though campaigners argue change remains too slow. Local officials and property professionals warn that the current system is trapping thousands of homeowners and undermining the housing market.