The service charge for my flat has safely doubled to £8,000.

Quick Summary:

Soaring insurance costs have pushed up service charges over the past few years, a trade body says.

He points to TPI data which suggests the only cost that has not seen above-inflation rises is the fees managing agents charge to cover their own admin and running costs.

Mr Skeet said: "We hope to see that scheme having an impact over the next 12 months."The capacity in the market and the basic supply and demand should lead to changes in premiums.

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Article Details

Category: Business

Markets: United Kingdom

Topics: Charges Agents Cladding Building Flat Risk Managing Safety Service Leasehold

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-26 @ 23:54:46 (3 weeks ago)

News Timezone: GMT +0:00

News Source URL: bbc.com

Language: English

Article Length: 1041 words

Reading Time: 6 minutes read

Sentences: 37 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BBC Business

News ID: 21097217

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About BBC Business

Main Topics: Business

Official Website: bbc.co.uk

Update Frequency: 8 posts per day

Year Established: 1922

Headquarters: United Kingdom

News Last Updated: 9 hours ago

Coverage Areas: United Kingdom

Ownership: Independent Company

Publication Timezone: GMT +0:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #43

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