The trade body, which represents estate agents and letting agents, has expressed support for the proposed ban on leasehold properties, citing concerns about the financial burden placed on homeowners.
According to Propertymark, leasehold properties can be a significant financial strain, with many homeowners facing expensive ground rent payments and service charges.
The organisation is now calling for stronger regulation of property and managing agents, arguing that this will help to protect consumers from unscrupulous practices and ensure that they are treated fairly.
Propertymark's chief executive, Nathan Emerson, said: 'Leasehold has been a scourge on the housing market for far too long. We welcome the proposed ban, but it's only the start. We need to see stronger regulation of property and managing agents to prevent the kind of exploitation and abuse that has plagued the sector.'
Propertymark's concerns about leasehold regulation are shared by some experts, who warn that the current system can lead to 'leasehold trap' where homeowners are trapped in expensive and restrictive contracts.
With many homeowners struggling to afford the costs associated with leasehold properties, the proposed ban and strengthened regulation could have significant implications for the housing market, particularly for first-time buyers and existing homeowners.