Leaseholders in London are spending £3,912 per year (£326 per month) on service charges, according to a new report by the London Assembly Housing Committee.

The report, titled Worry and stress, life as a leaseholder in London, highlights the costs associated with leaseholds in London and calls on the Greater London Authority (GLA) to conduct research on models for capping service charges in its new-build shared ownership developments.

It also recommends that housing developers should be required to submit to their local authorities “steps they have taken to ensure maximum lifespan of building components and maximise whole-life value for money for leaseholders”.