Homeowners and leaseholders feel trapped by rising FirstPort service charges
Published On Nov 22, 2024, 7:07 PM
Homeowners in the UK are feeling frustrated and trapped by rising service charges from property management company FirstPort, which manages communal areas of new-build estates. Many residents report a lack of basic maintenance services despite increased fees, leading to significant dissatisfaction. The situation has caused financial strain on residents, prompting complaints from over 30 MPs to FirstPort. Recent government moves to overhaul the leasehold system in England and Wales may impact how such service charges are managed in the future.
Stock Forecasts
VICI
Negative
Rising consumer dissatisfaction and potential government intervention could negatively affect FirstPort's reputation and its financial performance. Investors might want to be cautious with investments related to property management companies, particularly in regions experiencing similar issues.