Rebecca Paul

I thank my right hon. Friend for providing that very useful context. I will come on to that in my speech. One of the challenges we have is that property service companies are seeking to make a profit, yet they are unregulated and free to do as they will. It is for this place to get a handle on that. I hope that today we can think constructively about potential solutions to address the problem, the scale of which, across the House, we all recognise. We do not want our constituents to continue to face it. I am afraid to say that FirstPort is not covering itself in glory. I have now heard hundreds of times over about its lack of responsiveness, lack of transparency on costs and inadequate explanations of service charge increases. Residents have told me about being billed for services they have never received, like window cleaning, with no avenue to formally challenge and remediate. Any opportunity to charge a resident is used to the full. These things are all symptomatic of an industry that prioritises extracting maximum value from leaseholders, regardless of the human cost. There is no incentive for property service companies to act any differently. It is incredibly hard for leaseholders to remove them, so the companies have free rein to do pretty much what they like. This fundamental power imbalance must be addressed, and it must be made easier for leaseholders to take their business elsewhere. The Park 25 service charge for the year ending 30 April 2026 is estimated to be just under £1.9 million— 13% higher than last year’s estimate. The increase in costs is primarily to cover the future replacement of playground equipment, street lighting, road repairs and other infrastructure. Park 25 residents are also paying council tax for exactly those types of things outside the estate. Out of the £1.9 million service charge, FirstPort keeps around £142,000 in fees, which works out at just under 8% of the total service charge. How easy was it for me to find that £142,000 figure in FirstPort’s costs breakdown? Not very—I had to total up numbers across many pages of costs, as there is no nice, neat summary at the front showing the total amount. That 8% may or may not be out of kilter with industry—I found it difficult when researching to confirm one way or another, which is an issue in itself. The key point to recognise here, though, is that there is absolutely no incentive or requirement for FirstPort to keep the cost base low. In fact, the more money it spends on maintaining the estate and the more people it employs to deliver services, the smaller the percentage proportion its management fee appears to be—a perverse incentive indeed. It would be very easy for me to berate property service companies throughout my speech, and I suspect that others will take up that mantle during the debate. However, we must recognise that it is the current system that allows the companies to operate in this way.