The UK Government has set a target of building 1.5 million homes over five years, but it is already falling behind. The latest EPC data suggests that only 204,000 new homes were delivered in the 12 months to March this year. Despite the shortfall, new-build homes in London are going unsold. These recently completed properties are sitting empty and are worth billions of pounds. So why are they not being bought? While there is a shortage of homes overall, many newly built properties remain unaffordable for the people who need them most. As the demand for housing across the UK continues to rise, there are several contributing factors. Such as a growing population, rising property prices, and an increase in single-person households. The challenge is not just building more homes but ensuring that the right homes are built for the people who need them.
Why is the government focusing on new builds?
New homes are a part of the Governments response to the housing crisis. For many buyers, new-build properties can be more appealing than renovating a long-term empty home.
Some of the key reasons the Government is prioritising new-build homes include:
- Increases the overall supply of housing.
- Homes are ready to move into with no immediate repairs needed.
- Delivering more energy-efficient homes that help reduce household energy bills and carbon emissions.
- New construction projects grow the economy and create jobs in the construction industry.
While new-build homes increasing the housing supply, they do not address the issue of existing empty homes. Across the UK, over 260,000 homes lie empty or abandoned. Bringing long-term vacant properties back into use could also increase housing supply. Why focus solely on new builds when there are so many empty properties?
Why are properties left empty?
One of the most common reasons a property remains empty is because it has been inherited following the owner’s death. When someone dies intestate (without leaving a valid will), their estate is distributed according to the laws of intestacy. However, identifying those beneficiaries is not always straightforward. Local authorities may have difficulty with identifying and locating the correct beneficiaries before the property can be dealt with. As a result, the property is left empty and often abandoned for many years.
Benefits of purchasing an empty property
Character: Older properties often retain original features such as fireplaces, wooden flooring and alcoves. These unique elements can be preserved while renovating the property.
Opportunity for renovation: Older homes often offer larger rooms and plot sizes than many new-build properties. Renovating the home allows you to personalise it while increasing its value.
Established communities: Empty properties are often located in established neighbourhoods with access to local amenities, schools and transport links. Bringing an empty property back into use can also benefit neighbours and the surrounding community.
Drawbacks of purchasing an empty property
Maintenance needs: These properties often require immediate repairs, especially if they have been empty for an extended period. This can include checking the water supply, servicing the boiler and addressing structural issues.
Additional costs: Renovating an empty home can be both time-consuming and expensive. Depending on its condition, the property may be uninhabitable during the renovation process.
Energy inefficiency: Many older properties lack modern insulation and other energy-efficient features.
Getting homes back into use
Report Empty Properties work with property owners, families and the community to get empty homes back into use. Empty properties should not be overlooked in a time where more housing is needed.
Have you found an empty property? Report it to Report Empty Properties today!
- £20 referral reward for qualifying submissions
- 10% finder’s fee if we purchase the property (maximum of £10,000)
