Sharp fall in empty residential properties

Interesting new data released by the Government indicates that the total number of empty residential properties in the UK is at its lowest level since records began.

The report shows that there has been a drop of over a third in unoccupied homes since 2004, where the total stood at 318,642. Last year, this figure stood at 203,596.

Owner increases

In addition, the figures show there has been a rise in the number of owner occupied properties in the past twelve months, following seven years of decline.

What’s more, the data suggests that the number of new homes being provided was at its highest for 28 years, having risen by over a quarter during the last year.

Housing Minister Brandon Lewis stated that, ‘we are turning around the housing market and making sure the best use is made of all housing including empty homes. We are very clear that a house should be a home which is why we have taken action to stop homes being bought up and left as an empty investment.’[1]

‘We’ve taken forward the boldest ambition for housing in a generation, doubling the budget so we can help a million more people into home ownership, while delivering a bigger and better private rental sector,’ Lewis added.[1]

Sharp fall in empty residential properties

Measures

Mr Lewis pointed out that the Government has introduced a series of measures aimed at restoring homes that have been unoccupied for a number of years. He also said that through the New Homes Bonus, councils have been allocated in excess of £4.84bn in to provide new residential dwellings.

Lewis went on to say the Government has provided 704,000 extra homes, alongside bringing 106,000 empty homes back into use. He noted there is an additional £20bn over the next five years, in order to try and provide one million new homes.

Right to Buy is also being extended to 1.3 million people, with shared ownership properties being made more available.

[1] http://www.propertywire.com/news/europe/uk-homes-lying-empty-2016042911852.html