To ask the Minister of Finance whether his Department has considered implementing a ground rent ban on new properties, similar to the UK Leasehold Reform (Ground Rent) Act 2022.

The Leasehold Reform (Ground Rent) Act 2022 is applicable in England and Wales, a jurisdiction with a different system of land law to here. That jurisdiction has experienced particular concerns regarding ground rents and the length of typical leases, which have had impacts on many homeowners. Ground rents there have on average been consistently higher than are commonplace here, and the much shorter nature of leases (which can tend to be less than 100 years) is not usually witnessed in the North (where leases are between 999-10000 years in the vast majority of cases). Some of the recent reforms in England and Wales, including a ground rent ban on new properties, are similar to those which have been in place here for over 25 years when a ground rent ban on new dwelling-houses was implemented.

That said, I have noted recent correspondence relating to increases in ground rents in some apartment buildings in the North. My officials will keep the matter under review.