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Property Investments Continue To Lie Vacant
New reports seem to suggest that there are thousands of local authority homes lying vacant despite a greater need for social housing.
According to the report, in Wales alone there are currently 1,102 council homes sitting empty across 8 of their local authorities.
Now whilst many of these are simply in the midst of being refurbished and will soon be available to let again, this report has revealed that it is taking councils an average of 62 days to bring these properties back up to standard.
Yet what is more disturbing about this report is the fact that there is an additional 22,000 property investments lying vacant in Wales - 22,000 of which could make a serious dent on the social housing situation.
Since January, Wales has seen a 5.16% increase in the number of property owners joining the waiting list. A list which appears to be growing with every passing month as unemployment increases and mortgages become more affordable.
As such property investors and councils are both being implored to renovate and bring into use these empty properties more quickly to help reduce this list and offer property owners more affordable housing.
According to the report, in Wales alone there are currently 1,102 council homes sitting empty across 8 of their local authorities.
Now whilst many of these are simply in the midst of being refurbished and will soon be available to let again, this report has revealed that it is taking councils an average of 62 days to bring these properties back up to standard.
Yet what is more disturbing about this report is the fact that there is an additional 22,000 property investments lying vacant in Wales - 22,000 of which could make a serious dent on the social housing situation.
Since January, Wales has seen a 5.16% increase in the number of property owners joining the waiting list. A list which appears to be growing with every passing month as unemployment increases and mortgages become more affordable.
As such property investors and councils are both being implored to renovate and bring into use these empty properties more quickly to help reduce this list and offer property owners more affordable housing.
Creative licence belongs to: http://www.flickr.com/photos/library_of_congress/2179178708/sizes/s/in/photostream/
More about the author of this article
Bindy Jhooti, Property Mentor Delegate
With a total of 4 properties generating £2700/month profit Bindy Jhooti joined Property Mentor after 25 years building a conventional business with a £4m annual turnover. He wanted to start generating a passive income and saw that property was the best choice. As a professional investor people should realize that they need to invest into knowledge before they invest into property. The returns are amazing! Read more
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