UK: CMA denies full probe for property leaseholders

The UK’s Competition and Markets Authority revealed new information regarding its ongoing inquiry into the property management industry, but reports say that while the watchdog has found some questionable business practices, it will not refer the industry to a full market investigation.

The CMA released a report on its ongoing probe that announced findings that leaseholders should be given new rights to protect against abusing conduct from property management companies. Some leaseholders, the watchdog found, are forced to pay “excessive charges” and are offered “poor services” from those property companies.

The inquiry follows complaints regarding rent, services charges and other penalties imposed on leaseholders by their landlords. The CMA is now suggesting increased transparency in the industry, facilitating switching of property managers to boost competition to the benefit of consumers, and new rights for leaseholders to collectively challenge abuses.

Full content: BBC

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