The UK property market could be heading towards a significant change in the way flats are owned and managed. The government’s proposed reforms to replace leasehold with commonhold as the default form of ownership for most new flats could reshape the buying, selling and management of residential property across England and Wales.

The Conservatives have unveiled a series of proposals aimed at reducing taxation and regulation, with housing and housebuilding featuring prominently within their plans. The party has described the wider programme as the “biggest deregulation project in a generation”, with proposals including abolishing stamp duty on property purchases.

The UK property market is entering another important period of change. The Government has confirmed plans to introduce independent regulation of property agents, with the intention of giving consumers greater protection and creating higher professional standards across the sector.

The future of the United Kingdom is once again being discussed, with the First Ministers of Scotland, Wales and Northern Ireland meeting in Cardiff to discuss closer cooperation, economic issues, energy, Europe and wider constitutional questions.