New figures reveal 200,000 vacant properties in England
Posted on April 26, 2017.
A new study by the organisation Property Partner has revealed that there are 200,145 long term vacant properties in England, with the total value at £43 billion. However, these figures were countered by findings that the total number of vacant homes across the UK has fallen by 36.4% since 2006, which is cause for optimism.
The figures broken down by region are as follows:
- London has 19,845 homes sitting empty, worth £9.4 billion. The borough with the highest number of vacant properties was Kensington and Chelsea with 1,399 empty properties, an increase of 22.7%. The estimated value of the vacant properties in Kensington and Chelsea is estimated to be worth £2 billion. Conversely Newham has slashed the number of vacant properties in the borough by 55%, dropping from 1,318 to 593.
- Manchester has seen the greatest fall in vacant property, dropping 88% to 1,365 at the time of the study.
- Bradford has the highest number of vacant properties outside the capital, with 3,944 vacant properties ( a fall of 5%), with Liverpool second place (3,449 properties, an increase of 5%)
- Blackburn has seen the sharpest rise in vacant homes in a year, with a £32% rise since 2015, at 1,563 vacant homes.
- Meanwhile Blackpool has seen the greatest percentage decrease in vacant properties, falling 26% in a year.
- West Yorkshire is the metropolitan district with the highest number of vacant properties.
The Property Partner study revealed a number of interesting trends about the UK property market.
- There is still a significant proportion of the UK housing stock which is going unused, and London has seen 14 of its 33 boroughs experience an increase in vacant properties. This has been put down to the so-called "buy-to-leave" foreign investors in the capital, who often buy properties and then leave them vacant, all the while waiting for the value of their investment to increase.
- The overall trend over the last ten years is broadly positive, as the number of vacant properties across England is broadly falling.
- Councils are making more use of their ability to seize empty properties and local authorities are making huge leaps forward in bringing down the number of empty properties in their local area.
Yet their is clearly more work to be done, and there is no doubt that fixing the broken housing market is dependent on both UK local and national government continuing to make better use of existing housing stock.
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