Prime Minister Matthew Pennycook delivered a speech on 29 April 2026 at the Institute for Government, announcing a comprehensive plan to end England and Wales’ leasehold system. He outlined a series of legislative measures, including the draft Commonhold and Leasehold Reform Bill, that would make commonhold the default tenure and prohibit new leaseholds. The bill also proposes a 50 % consent threshold for conversion, caps ground rents at £250, and introduces a new valuation process. Pennycook referenced earlier reforms such as the 2022 Ground Rent Act and the 2024 Leasehold and Freehold Reform Act, noting they have provided relief but do not alter the underlying system. The government aims to give leaseholders greater control and facilitate conversion to commonhold over the next Parliament.
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