More than 300,000 homes across England have been sitting empty for at least six months despite continued pressure to increase housing supply, new analysis reveals.
House Buyer Bureau says 303,185 properties are classed as long-term vacant, representing 40.2% of England’s total 754,264 vacant homes.
Applying regional average house prices to the figures puts the indicative value of the long-term empty housing stock at £88.6bn.
The research has prompted calls for greater efforts to return existing properties to use alongside the drive to build new homes.
£26BN IN LONDON
London has the highest estimated value of long-term vacant housing.
Some 47,287 homes in the capital have been vacant for more than six months, equivalent to 45% of London’s 105,138 empty properties.
Based on an average London house price of £544,814, House Buyer Bureau estimates their combined value at almost £25.8bn.
The South East follows with 42,099 long-term empty homes worth an estimated £16.1bn, while the East of England has 32,123 valued at around £10.9bn.
The North West has 42,606 long-term vacant properties with an indicative value of £9.4bn, while the South West has 28,553 worth an estimated £8.6bn.
LOCAL HOTSPOTS
Kensington and Chelsea has 2,030 homes that have been vacant for more than six months, accounting for almost 60% of its vacant housing stock.
Based on the borough’s average property price, House Buyer Bureau puts their combined value at around £2.55bn.
Westminster has 2,279 long-term vacant homes, while Camden has 2,059, Southwark 2,543 and Lambeth 2,280.
Outside London, Birmingham has 7,060 homes that have remained vacant for more than six months, with an estimated combined value of £1.64bn.
EXISTING SUPPLY
Chris Hodgkinson (main picture, inset), Managing Director of House Buyer Bureau, says: “It’s quite remarkable that we’re constantly talking about the need to build hundreds of thousands of additional homes when more than 300,000 existing properties have already been sitting empty for over six months.
“Of course, there’s no single reason why a property remains vacant and not every empty home can simply be put back into use overnight. But anyone who works within the property market knows how easily a home can become stuck in limbo, whether it requires significant work, forms part of an estate, has legal complications or simply proves difficult to sell.
“Building more homes remains absolutely essential, but we also need to make better use of the housing stock we already have. Getting even a proportion of these long-term vacant properties back into circulation would provide additional homes without the need to build them from scratch.”
