The transition to a new Prime Minister has brought with it an unusually specific piece of housing intelligence: Spicerhaart, which manages property portfolios and distressed assets on behalf of major UK banks, building societies and lenders, reports that leasehold properties now account for 54% of the stock it administers. That figure, dominated by leasehold flats, is not a rounding error or a statistical quirk. It is a structural signal that leasehold tenure has become disproportionately represented among Britain's financially troubled housing stock, and it lands on the desk of an incoming administration that will be judged early on whether it finally delivers the leasehold reform promised, delayed and diluted by successive governments since 2017.