More than one million homes in England are currently sitting empty, highlighting a major opportunity to tackle housing shortages by bringing derelict and unused properties back into use.
The warning comes ahead of National Empty Homes Week, which runs from 9–15 March and is organised by housing charity Action on Empty Homes to raise awareness of the number of vacant properties across the country.
Latest estimates suggest one in every 25 homes in England is empty, equating to over a million properties that are not currently being lived in.
Research commissioned by specialist lender Together also indicates the issue is widely visible in communities. More than half of Britons (52%) say they pass a deserted building every week, while 49% believe abandoned properties in their local area should be revived for housing, business or retail use.
RISE OF REFURBISHMENT
The lender says interest in refurbishing empty or run-down properties has been rising. Since 2022, Together has recorded a 95% increase in the number of bridging loans it has funded, some of which have been used to renovate vacant or otherwise unmortgageable homes.
Elliot Vure (main picture, inset), Sales Director at Together, says: “While the nation often focuses on building new homes, a large and often overlooked percentage of homes in England are already empty.
“However, there is a shortfall in local authority power and resources for identifying the empty homes and taking action on empty home complaints within councils. There are also barriers for prospective buyers, investors and landlords to accessing the right kind of finance once these properties are on the market.”
MORE FLEXIBILITY
And he adds: “Traditional mortgage products often aren’t suitable for empty or dilapidated homes, especially where a property is deemed uninhabitable. That’s where specialist lending can play a vital role.
“As an industry we should be encouraging and supporting borrowers who are willing to take on vacant or neglected homes. That could mean greater flexibility on property conditions at purchase or exploring partnerships with local authorities where empty homes are a particular issue.”
