Wonderful news for all HorNet supporters and other estate dwellers who have worked so hard to inform the CMA (Competition and Markets Authority) of the problems associated with privately managed estates. You know who you are – thank you so much!!
The CMA have announced a wide ranging enquiry into new homes provision, land banking and planning. Included will be “unfair”estate charges – at long last! We look forward to this enquiry and will be offering evidence of detriment to consumers over mi-selling and anti-competitive management arrangements, as well as the longer term quality issues.
Why does a CMA enquiry matter?
If they confirm a problem in the market they have powers to enforce rectification and their findings often lead to a change in the law. They have just completed their investigation into doubling ground rents in new leasehold homes, and succeeded in getting these banned going forward, and the big developers to change the ground rent terms for existing properties. We know they will find problems with consumer and competition laws in the privately managed estate market and trust they will also take action in due course. We still need to be patient as it will take time, but the news they are investigation is still fantastic!