View more on these topics

Over 650,000 homes empty in UK

Research by Halifax, using data from the Office of the Deputy Prime Minister, shows that there were 689,675 empty homes in England during 2004/05, 3.2% of the total English dwelling stock.

Bringing these dwellings back into use is a pressing issue as 106,000 households in England are living in temporary accommodation or 0.5% of all households.

As a proportion of the local dwelling stock, the highest numbers of empty homes are in Burnley, 8.3%, Liverpool, 7.6%, and Tower Hamlets, 7.1%.

In total there are 23 English Local Authorities where at least 5% of homes are empty.

House prices in these areas tend to trade, on average, at a 22% discount to their region’s average house price and 31% below the English average.

On a regional basis the most empty houses are in the North West where they account for 127,473 properties or 4.2% of the total stock.

The North West is also the only region to see an increase in the number of empty homes in the past five years, albeit a small one of 0.8%.

Overall, there has been a fall of 75,000, 9.8%, in the number of empty homes in England over the past five years.

14 of the twenty LAs with the biggest proportion of residents in temporary accommodation have more empty homes than households living in temporary housing.

Of the 23 areas with a high number of empty homes, Tower Hamlets and Swindon have the highest proportion of households in temporary accommodation, 3.3% and 1.1% respectively.

The local authorities with the highest proportion of households in temporary accommodation are Newham, 5.5%, Haringey, 5.4%, and Brent, 3.7%, all in London.

Tim Crawford, group economist at Halifax, says: “While the number of empty homes in England has been trending lower over the past five years, a significant number of properties are still vacant.

It is in the interest of the whole community to eradicate the empty homes problem. Apart from the social benefits of bringing empty homes back into use, house prices tend to be lower in areas with a high number of empty homes.”

Recommended

Pink exclusive

Pink Home Loans has launched a shared exclusive buy-to-let lifetime tracker product funded by BM Solutions. The product offers a rate of 4.89% for the life of the mortgage and rental payment is calculated on an interest-only basis.

Second rate insurance cover for renters a thing of the past

Despite the recent slump in house growth prices, more and more people, typically 20 and 30-something professionals, are now living in rented accommodation as they try to get their first step on the property ladder.However, one problem that renters have to face is insuring their possessions. Many insurers shy away from insuring the property of […]

Lender KFIs are brokers’ bugbear

The Association of Mortgage Intermediaries’ September Mortgage Intermediary Census reveals that obtaining Key Facts Illustrations from lenders is the most significant problem facing brokers. Respondents also highlight the cost of compliance as a threat to business.

Council Tax Bill published

The Council Tax (New Valuation Lists For England) Bill was published today by the Office of the Deputy Prime Minister.The publication of the Bill follows the announcement on September 20 that the government has extended Sir Michael Lyons’ inquiry into local government funding – so that he can consider issues relating to the wider functions […]

Frexit & contagion risk in Europe

Many commentators have suggested that the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune’s Rob Burnett discusses the likelihood of this happening. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating and past performance is not a guide for future […]

Newsletter

News and expert analysis straight to your inbox

Sign up