Transactions could start taking longer due to the prevalence of leaseholds in property hotspots, My Home Move has claimed.

The conveyancer analysed 21million Land Registry records since January 1995 and found that 15% of residential properties are leaseholds, bringing extra charges and considerations for buyers.

Half of properties in London were found to be leaseholds, while the figure dropped slightly to 46% in Manchester.

The analysis of Land Registry price paid data found areas that have experienced extensive redevelopment like London’s N1C postcode and the M15 and M50 postcodes in Manchester top the list of leasehold hotspots and can have a leasehold proportion above 90%.

The top twenty hotspots are dominated by parts of London and Manchester, while Liverpool, Newcastle and Birmingham also have areas that make the list.

Doug Crawford, chief executive of My Home Move, said: “The redevelopment of England and Wales towns and cities over the last 30 years means there are more leasehold properties on the market, as new-build apartment blocks are constructed and old warehouses are converted into flats.

“Controversially, even some new-build houses in suburban and rural areas are now sold as leasehold properties.

“The investment has given the country’s housing stock a very welcome boost, but it also means that buyers are more likely to encounter a leasehold property than ever before.

“While the high proportion of leaseholds in the centre of major cities will shock few developers and estate agents, would-be buyers looking to claim a little piece of the city as their own may be in for a surprise.

“Leaseholds make up almost all of the housing stock in some of our cities’ redeveloped districts, and the proportion of leaseholds could grow even more as additional new developments come on to the market.”