Many people are proud to live in Britain and rightly so! We have some of the oldest homes in Europe with statement architectural design and character dating back centuries.
So why do 670,000 properties stand empty (250,000 over 6 months)? There are obvious reasons for such high figures, including mortgage defaults, deceased owners, property title issues or properties which have fallen into a state of disrepair. It is of national importance that these properties get brought back to life. Britain continues to have a housing crisis because of our inability to utilise the existing stock of properties wisely.
How do we take advantage of such an opportunity? The simple answer is to financially incentivise the restoration of pre-existing properties. The cost of bringing an old, run-down property up to a modern-day standard can run beyond its market value, or not be a high yielding opportunity for investors. Current or prospective owners will continue to pass over the property, trapping it in a cycle of neglect.
This is at last being recognised with The National Empty Homes Grant coming into play with a mission of restoring and updating up to 2000 properties which have been empty for an extended period. An incentive of up to £25,000 per property enables modernisation and retrofitting making it a sustainable future proof property all while cutting emissions and providing safe and secure accommodation.
Yet, more can be done. The value to private owners and investors may not be attractive, but to local authorities and housing providers, there should be a much greater emphasis on the added social value to creating decent accommodation. Nearly 8 million people in the UK are experiencing some form of housing need and of that 8 million, 3.8 million would be most suited to social rented housing. These are alarming figures, which can be greatly alleviated by a national strategy to reduce empty properties. It is economically, socially and environmentally the right thing to do.