But while the case for reform is clearcut, wealthy freehold investors were never going to let it happen without a fight. In 2024, Matthew Pennycook, then in opposition and now Labour’s housing minister, said that the then Tory government “should be courageous” in pressing ahead with reform, disregarding industry threats. Unfortunately, and despite this week’s announcement of a ban on new leasehold flats and a ground rent cap of £250 on existing leases, Labour, too, is showing signs of timidity.