On a brighter note, I welcome both the Leasehold Reform (Ground Rent) Bill and the LCM. Minister, over 1 million households in the UK are sold as leasehold, and this legislation will go some way—in fact, a long way—to help thousands of home owners caught in a leasehold trap. And I can say first-hand, having seen some of my residents, who put their name down for a lovely property, then bought the property, moved in the property, only to find out a few years later that they didn't actually own the land that the house was built on. Under the current law, many people face high ground rents, which, when combined with a mortgage, can make it feel like they are still paying rent on a property they own. We also know that escalating ground rents can also make it difficult for leaseholders to sell or even remortgage their property.

Now, according to research compiled by Propertymark in 2018, 93 per cent of survey respondents said that they would not purchase another leasehold property, such was the nightmare consequences many of them faced. A third said they were struggling to attract a buyer, because they simply did not own the freehold. Enforced across England and Wales, this positive change to the legislation, brought about by a Conservative Government in Westminster, will now mean that millions of leaseholders will be given the right to extend their lease by a maximum term of 990 years at zero ground rent. As such, approval for this LCM could certainly help them to save thousands of pounds a year, whilst also giving them peace of mind. For others, where ground rent is demanded as part of a new residential long lease, the fact that it will no longer be for more than one peppercorn per year is an important shift.

The Welsh Conservatives welcome the fact that this Bill will ban freeholders from charging administration fees for collecting peppercorn rent, meaning that future leaseholders will not be faced with financial demands for ground rent. We also welcome the fact that this LCM will increase accountability for leaseholders, by making provision for them to recover unlawfully charged ground rents through the leasehold valuation tribunal in Wales.

Now, I do acknowledge, and I respect, the concerns raised by the Legislation, Justice and Constitution Committee over the memorandum laid by the Welsh Government in respect of the Bill, which they found not fit for purpose, and to have fallen below the standard considered acceptable. It is time to move on for these people who have found themselves caught in this trap. With the progressive and positive steps that I have just outlined, which were reached after active collaboration with stakeholders, I now call on other parties in this Senedd to join the Welsh Conservatives by voting in support of probably what are the most significant changes to property law in a generation. Diolch yn fawr, Llywydd.