It's an embarrassingly archaic and unfair system. God forbid working families want to own their own home/land in this country (city).
It's an embarrassingly archaic and unfair system. God forbid working families want to own their own home/land in this country (city).
Starting from a peppercorn value, this quickly amps up to hundreds of thousands, or even millions, of £ a year.
It's the wheat and chessboard problem[1] made concrete
[1] https://en.wikipedia.org/wiki/Wheat_and_chessboard_problem
My parents own their property as freehold, and it's only an hour from London by train.
Tbh, I just ended up emigrating as the property market was so bad it felt hopeless.
There are leasehold houses but I believe these days they are actually outlawed for new builds; of course builders found other creative "solutions" to extract rent even from freeholds, which are not protected by leaseholder rights.