Following the government-backed pledge from leading property developers to prevent leaseholders being trapped in unfair deals, Matthew Jupp, principal of mortgages policy at UK Finance, said:

This announcement is a positive step for customers that should deliver better outcomes for both existing and future leaseholders.

Mortgage lenders share the government's concern with poor practices in the leasehold market, including the rapid escalation of ground rents, and many have already taken action to help prevent unfair leasehold terms for new buyers.

UK Finance will continue to work with the government, regulators and industry and to ensure the wider leasehold market works well for all.