The Labour Party has vowed to abolish leasehold in the first 100 days of government if it wins the next General Election.

Housing secretary Michael Gove previously promised to introduce legislation to “fundamentally reform” the leasehold system, which he had criticised as “feudal”, owed to the levying of hefty charges and a lack of transparency.

But abolishing leasehold have not formed part of a series of reforms introduced by the government.

Propertymark has welcomed Labour’s support to urge government to get on with urgent legislation to implement the Law Commission recommendations in full and ultimately phase out leasehold.

Timothy Douglas, head of policy and campaigns, said: “We are pleased to see the Labour Party join the campaign for leasehold reform. Policy makers must level the playing field with those who already own a leasehold property, make enfranchisement easier, simplify the process for lease extensions and where there is no managing agent, freeholders must sign up to a redress scheme.

“Furthermore, as with sales, lettings and managing agents, for developers, there are no minimum standards to work in the sector and there are no statutory rules to ensure those buying and selling property are suitably qualified.”