Holding FirstPort to Account

I’ve been hearing from an increasing number of constituents in Newbury about issues with FirstPort, the property management company that runs many residential developments in our area. Concerns include significant increases in service charges, as well as frustrations about a lack of transparency and communication. These issues have been raised with me time and time again, and I’ve been working hard to understand the root of the problem and how it can be addressed.

The Root of the Issue with FirstPort

I know just how important it is for managing agents to be transparent and responsible when it comes to setting service charges. That’s why I’ve taken these complaints very seriously.

It would seem that the steep rise in service charges is due to FirstPort not having charged enough earlier on towards a sinking fund. A sinking fund is the amount of money put aside over a number of years to cover future one-off major expenses, like lift repairs or other substantial works. Unfortunately, it would seem that FirstPort did not put enough money aside in this regard, which is now leading to the high increases in service charges that residents are facing. Talking with residents, it sounds like FirstPort should have been more transparent with residents about the need for such a fund.

The Bigger Picture

What’s concerning is that this isn’t just an issue here in Newbury. MPs from across the country are hearing similar stories from their constituents about FirstPort’s practices. We are working together and want answers about the company’s unreasonably high service charges, lack of communication with residents, and failure to complete critical building maintenance at properties across the country.

FirstPort’s suspension from its trade body, The Property Institute, due to a breach of membership rules earlier this year only adds to the concerns. While they have since been reinstated, this action raises questions about the company’s practices and how they are managing their obligations to residents.

Moving Forward

The Property Institute has suggested that managing agents like FirstPort should pass a competency test, and they’ve called for a regulator to oversee the sector—something I fully support. It’s clear that the lack of oversight in this area has left many leaseholders at a disadvantage, and it’s crucial that changes are made to protect consumers.

On a more positive note, I recently met with The Property Institute to discuss concerns raised by residents of Baily and other developments, and I’ve now secured a meeting with FirstPort’s management team to discuss these issues directly. I’m looking forward to having this conversation and finding a way forward that works for everyone.

I will be feeding back to you all after that meeting, and in the meantime, I’ll continue working hard to ensure that residents’ concerns are heard and acted upon. It’s important to me that we get to the bottom of this, and I will keep pushing for more transparency, better management, and fairer service charges for all those affected.