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Demand for property may be increasing and over 4.5 million people may be waiting to get a property on the social housing list. Yet according to a recent study by the government, there are currently 930,000 properties across the UK property market that are unused and derelict.
And this is sad news for the neighbours surrounding these properties…
Open to squattering, vandalism and unsavoury activity, these empty properties are affecting the property prices and saleability of other properties in the area.
So why are they empty?
Whilst 300,000 of these properties may have only been empty for over 6 months, many of this number have been vacant for a decade – long before the recession came into play – due to the following:
Across the UK, property owners are inheriting rundown property investments from their relatives, but have been unable to sell or property let the building due to mortgage lenders being unwilling to lend them finance.
And property experts agree that this is a shame as many of these properties are situated in prime property locations.
Fortunately the government has decided to step in…
Under the government’s housing strategy, the government plans to inject £100m into bringing property investments back into use as well as allow local councils the opportunity to charge an ‘empty homes premium’ on properties which have been out of use for more than 2 years.
However property experts are still dubious about the impact this property scheme will have on the growing demand for property, especially as the government plans to restrict the use of empty dwelling management orders.
In the past local councils have been able to use these orders against property owners who have refused to co-operate, namely by giving themselves the power to take over these properties. Now it will be a much more difficult process…
Either way, the government seems to have finally taken action about the growing number of empty property investments.
We will have to just wait and see if it makes a difference…
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