UK Leaseholders Face Higher Service Charges in Older Buildings
Leaseholders in buildings more than 25 years old and six storeys tall now pay an average annual service charge of £7,300. The increase reflects years of underfunding in the UK's ageing housing stock.
Leaseholders in buildings more than 25 years old and six storeys tall now pay an average annual service charge of £7,300. The higher charges cover maintenance costs that accumulated after years of underfunding in the UK's ageing housing stock.
The average service charge figure applies to buildings meeting both the age and height criteria. Service charges are paid by leaseholders to cover building upkeep and repairs.
The UK's housing stock includes many buildings constructed decades ago that now require increased maintenance. Leaseholders bear the cost of addressing deferred repairs in these properties.
