One of the biggest issues in the English property market in recent years has been an in sufficient supply of property. Even in 2020, when more vendors than ever before took to the market, there was nowhere near enough homes placed onto the market to meet demand.
In new research, it is believed there is £169.67 billion worth of vacant property across the country. This equates to 648,114 properties, and it is no surprise to find London at the top of the list when it comes to the value of vacant properties.
The capital has witnessed many buyers snapping up property but not moving in. It is easy to state the impact of overseas buying London property and not utilising it, but it would be wrong to say this was the only reason why many homes are lying empty.
The value of London property lying empty stands at £35.58 billion. However, while the capital has the largest value of empty property, it should be noted over areas of the country have more empty houses. London is only the fourth ranked region when it comes to the number of vacant properties.
The North West leads the way when it comes to the number of empty properties, with a total of 104,738 properties. These homes hold a value of £18.54m.
The South East is second in the list of empty properties, with a total of 96,128 homes, holding a value of £32.37m.
Yorkshire and the Humber is listed third, as there are 76,191 empty properties, and these homes have a value of £13.29m.
When it comes to more local levels, London hosts the three leading areas with most valuable vacant property.
The London Borough of Southwark is number one, with a total of 6,303 vacant homes, and when you consider the average price in the area of £520,771; this equates to around £3.28 billion worth of empty homes.
The London Borough of Camden is next in line, with 3,878 properties, which carries a value of £3.15 billion. Then the London Borough of Kensington and Chelsea is next, with 3,067 empty properties holding a value of £2.78 billion.
Director of Benham and Reeves, Marc von Grundherr, said: “Given the ongoing housing crisis and the government’s consistent failure in addressing the shortage of property stock to meet demand, it’s quite frankly scandalous that such a vast number of homes are sitting vacant across towns and cities all over England.”
Marc continued by saying; “Rather than struggle to find land to build on, focussing on the vacant dwellings already available and making them fit for standard would be a far easier win. Of course, the volume of homes is one thing but when you also consider the huge value the sale of these homes could bring to the local economy, the figures are staggering. This isn’t an issue localised to London, it’s prominent all over England from Cornwall to Leeds, Brighton to Liverpool and it’s time we did something about it.”