A fine article by Lauren Davidson.
The answer to the question is, of course, that an awful lot of vested interests spend out grandly to keep the whole nonsense going.
The key question for policymakers is: are we creating homes (and subsidising them as taxpayers through Help To Buy) or creating investment assets for freehold speculators often based offshore?
If the latter is the aim, we have been 1/ remarkably successful; and 2/ completely mad.
Leasehold reforms have been “a long time coming”. That’s what a finance minister said upon the publication of the government’s leasehold reform bill – 19 years ago. That bill was based on Law Commission recommendations from 1984, which in turn leaned on a report from 1965.