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The leasehold discount
What leasehold homes sell for against freehold ones, by property type. Every sale carries its tenure, so this is counted rather than modelled.
By property type
| Type | Freehold median | Leasehold median | Gap | Sales |
|---|---|---|---|---|
| Terraced | £200,000 | £131,000 | -34.5% | 2,820,798 / 272,249 |
| Detached | £367,000 | £270,000 | -26.4% | 2,524,921 / 90,405 |
| Semi-detached | £235,000 | £180,000 | -23.4% | 2,781,976 / 201,117 |
| Flat | £185,000 | £220,000 | +18.9% | 39,231 / 2,021,483 |
Where the discount is deepest
| County | Type | Gap | Sales |
|---|---|---|---|
| MILTON KEYNES | Semi-detached | -61.4% | 13,753 / 883 |
| MILTON KEYNES | Terraced | -53.4% | 13,373 / 1,098 |
| CORNWALL | Semi-detached | -49.1% | 25,002 / 602 |
| BEDFORDSHIRE | Terraced | -48.1% | 7,980 / 306 |
| CAMBRIDGESHIRE | Semi-detached | -46.4% | 32,907 / 617 |
| BEDFORDSHIRE | Semi-detached | -46.2% | 10,522 / 317 |
| SHROPSHIRE | Semi-detached | -43.6% | 18,369 / 304 |
| LINCOLNSHIRE | Semi-detached | -43.2% | 44,058 / 697 |
| SUFFOLK | Semi-detached | -42.9% | 41,155 / 457 |
| CENTRAL BEDFORDSHIRE | Terraced | -42.7% | 11,777 / 374 |
| WILTSHIRE | Semi-detached | -42% | 24,967 / 424 |
| CORNWALL | Detached | -42% | 43,404 / 433 |
| LEICESTERSHIRE | Semi-detached | -41.4% | 44,051 / 521 |
| KENT | Semi-detached | -40.8% | 83,007 / 777 |
| SOMERSET | Semi-detached | -39.4% | 30,360 / 355 |
| CAMBRIDGESHIRE | Terraced | -39.2% | 29,225 / 1,109 |
| NORTHAMPTONSHIRE | Semi-detached | -39.2% | 48,842 / 733 |
| ESSEX | Semi-detached | -38.2% | 81,950 / 687 |
| KENT | Terraced | -37.8% | 88,258 / 1,734 |
| NORFOLK | Semi-detached | -37.8% | 48,401 / 892 |
| GLOUCESTERSHIRE | Semi-detached | -37.4% | 40,153 / 596 |
| CORNWALL | Terraced | -36.1% | 33,842 / 1,497 |
| OXFORDSHIRE | Semi-detached | -36.1% | 36,145 / 422 |
| BRIGHTON AND HOVE | Terraced | -36% | 12,672 / 368 |
| NORTHAMPTONSHIRE | Terraced | -35.3% | 45,559 / 955 |
How to read this
Flats invert the pattern, and that is a composition effect rather than a contradiction: almost all flats are leasehold, and the small number sold as freehold are unusual — converted houses, ex-council blocks, share-of-freehold arrangements — so the comparison is not like for like. For houses, where both tenures are common, the discount is large and consistent.
Comparisons are held within one postcode district, property type and year, so the figure is not distorted by where or when the sales happened. Bulk transfers and nominal consideration are excluded. Source: HM Land Registry Price Paid Data — licence and method.