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The following article was published in our article directory on December 26, 2011.
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Empty Homes | Its Exorbitant How One Million Empty Homes Lie Empty

Article Category: Advice

Author Name: Mark Aucamp

One Million Empty Homes Are Empty

The a million empty homes are uninhabitable properties, properties waiting on demolition, council properties that have been boarded up after re-housing the tenants, housing association properties that have been boarded up, flats above shops that are unoccupied and private properties that have been left vacant by their owners. The value of these empty properties ranges from around twenty thousand pounds in Newcastle or Sheffield to million pound properties located in London.

Housing Associations and Local Councils throughout the UK have countless empty homes and properties in their property portfolios. A number of these properties were acquired to rebuild new housing estates and new link roads. Their reason behind having so many empty homes is they believe it is due to the lack of demand and an uncertain property market.

If the truth is known these empty homes remain unoccupied due to lack of money available to the government and local councils. The austerity plans were implemented by this government to regulate budgets and spending which were brought about by this continuing recession and the costs of the bailing out the banks.

'Britain is challenged by a housing crisis!'

The Home Builders Federation however has suggest that 'Britain is experiencing a housing crisis' and if the number of new houses being built remains at current levels then there will be a shortage of more than 50,000 homes a year and by 2026 the cumulative effect will result in a shortfall of more than one million homes. They report that last year 160,000 new homes were built in England when they had projected around 223,000 new homes were needed.

The Government has set a target for the number of new homes that can be built every year at 240,000 by 2016 and then increasing to 3 million homes by 2020. This is contary to the belief that planning authorities are not allocating enough land to fulfill these housing needs. To compound the government's targets and the lack of land to build on there is the added shortage of new home buyers in the housing market.

The mortgage lending criteria for all homeowners and first-time-buyers is now more stringent than ever. First-time borrowers are now confronted with having to find a 20% deposit and meet tighter lending requirements. In order for homeowners to obtain a cheaper mortgage rate they need to have 25% to 30% equity within their property.

What To Do With Empty Homes That Lie Unoccupied?

Simple! In order for the housing market to move we need the first-time-buyers buying their first homes. The one million empty homes provide us with the perfect solution. If the councils and housing associations sold their stock of decent empty homes to first-time-buyers at the market rate based on their condition and the banks could be asked to offer the first-time-buyers a second mortgage or a mortgage advance to modernise the property. I believe we would have a real solution to most of the empty homes issues previously mentioned.

First-time buyers would find it easier to obtain a mortgage, a deposit and buy an easily affordable home. The Councils and Housing Associations would get clear their stock of empty homes and the money received from the sale of the empty homes would give them an added boost to their funds to renovate their older and deteriorating stock of empty homes. This new and improved housing stock would help to relieve the waiting lists at the councils and housing associations.

The government would see their targets for new homes being achieved. The house builder needs to be allowed to purchase some of the empty homes. The builders could take on the empty homes that required more extensive redesign and modernisation which they could sell on as inexpensive housing.

Solution to The Empty Homes Controversy

Yesterday's controversy over the outrage of empty homes would become desirable affordable housing for the first-time-buyers. In a short time the first-time-buyers would aspire to move up the property market and this would get the housing market moving again. Let's use our empty homes like any other resource and not waste it's potential. If you have any thought about a solution to the outrage over our empty homes then leave your comments below.

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