The Price of the Leasehold Enfranchisement of Residential Leasehold in the UK:Research on Real Estate Valuation of Periodic Estate

概要

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This study aims at the examining the valuation method of leasehold in the UK. The enfranchisement price is valuated through the income approach The value depends on the ground rent and the remaining term of the lease. When the ground rent is low and the remaining term is long, the price becomes relatively low. When the remaining term is short, the price becomes relatively high. Leaseholder would buy the freehold as soon as possible. Generally the enfranchisement price is low compared with the land value with fixed term lease in Japan.<BR>The vanishing right has no incentive to maintain the living environment. It may cause a social problem. Both leasehold in the UK and the fixed term land lease in Japan have the same defect. Leaseholder has got the new selection to buy the freehold at the low cost. On the other hand, fixed term land tenant does not have the choice.
Association of Urban Housing Sciencesの論文