OVER £43BILLION WORTH OF EMPTY PROPERTY IN ENGLAND – MORE THAN 200,000 HOMES LYING IDLE

 

  • Posh Kensington & Chelsea has London’s highest number of empty homes
  • Birmingham has more empty homes than anywhere else outside London, with over 4,000 sitting empty (up 13%), total value nearly £1BILLION
  • Harrow sees steepest rise in the country with huge 571% climb
  • Blackburn has seen the biggest rise outside London, up 32% on one year
  • In the capital, almost 20,000 homes have sat empty for over six months

 

London, 20 April 2017 – England has 200,145 long-term empty homes which, according to research by property investment marketplace Property Partner, are worth more than £43billion*.

 

In London alone, there were 19,845 homes sitting idle for over six months in 2016 – that is £9.4billion worth of property, taking into account the average price in London of £474,704*.

 

Birmingham was the worst performer outside London with 4,397 properties sitting empty – up 13% in a year – with an estimated value of £956m. Bradford had the second highest figure at 3,944 (down 5% valued at £858m) followed by Liverpool on 3,449 (up 5% valued at £750m).

 

Manchester has seen the greatest fall over a decade, dropping 88% to 1,365.

 

The tables have turned in London where one of the most deprived areas has swapped places with one of the wealthiest as the capital’s worst performer.

 

Prime property hotspot Kensington & Chelsea has London’s highest number of long-term vacant homes with 1,399 empty, up 8.5% on last year and a rise of 22.7% in a decade. Taking into account the Royal Borough’s unusually high average property prices, this would give the homes an estimated value of £2billion.

 

Previously, last place in the capital had gone to Newham which has staged a remarkable turnaround in 12 months, slashing the number of empty homes by 55% to 593 from 1,318 in 2015.

 

Property Partner analysed the latest data from the Department of Communities and Local Government (DCLG)**, looking at long-term vacant dwellings in England between 2005 and 2016.

 

Over the last decade the number of long-term vacant homes in England has dropped 36.4% from 314,719 in 2006 but it has barely moved year-on-year, showing a drop of 35% in the decade to 2015. The estimated value of empty property in England now stands at £43.5billion.

 

Harrow saw the biggest rise in England with an astonishing 571% climb to 651 from 97 in 2015.

 

Blackburn has seen the biggest rise outside London with a 32% rise in a year with 1,563 vacant homes. Blackpool just crept into the worst 20 town/cities outside London (below) but achieved the greatest percentage reduction outside London, falling 26% in a year.

 

The following table shows long-term vacant properties for the worst-affected 20 towns and cities in England (excluding London) and the total estimated value, calculated from the latest average UK property price of £217,502*.

 

TOWN/CITY Number of empty homes 2006 Number of empty homes 2016 Total value (£) of potential homes sitting idle
Birmingham 8,015 4,397 £956,356,294
Bradford 4,277 3,944 £857,827,888
Liverpool 8,357 3,449 £750,164,398
Leeds 4,070 2,574 £559,850,148
Sheffield 3,878 1,995 £433,916,490
Sunderland 2,375 1,758 £382,368,516
Wakefield 2,432 1,666 £362,358,332
Doncaster 2,490 1,614 £351,048,228
Blackburn 1,647 1,563 £339,955,626
Bolton 3,003 1,525 £331,690,550
Nottingham 2,241 1,456 £316,682,912
Manchester 11,062 1,365 £296,890,230
Stoke-on-Trent 2,021 1,342 £291,887,684
Wigan 2,043 1,341 £291,670,182
Leicester 2,447 1,336 £290,582,672
Barnsley 1,839 1,288 £280,142,576
Newcastle-Upon-Tyne 2,425 1,282 £278,837,564
Wolverhampton 2,524 1,232 £267,962,464
Oldham 2,510 1,189 £258,609,878
Blackpool 2,141 1,174 £255,347,348

 

Source: DCLG

 

West Yorkshire, which includes Bradford, Calderdale, Kirklees, Leeds and Wakefield, has the highest number among Metropolitan Districts for the third year in a row (11,555). All six districts – including Greater Manchester, West Midlands, Merseyside, Tyne & Wear and South Yorkshire – have long-term vacant property totalling £11.7billion in value.

 

The number of Local Authority-owned long-term vacant homes fell 12.7% in 12 months to 23,928 in 2016.

 

London saw the same percentage fall to 6,581. Ealing had the most LA-owned vacants with 897 (down 14.7%), followed by Greenwich with 733 (down 27.7%) and Hackney with 600 (up 30%). The biggest percentage rise was in Kingston upon Thames which rose 144% to 88. Bexley and Richmond upon Thames both had zero.

 

Outside London, Sheffield had the most LA-owned vacants with 762 empty homes (up 0.7%), followed by Liverpool on 682 (down 30.5%) and Birmingham on 650 (down 21%).

 

In London, Hammersmith & Fulham had the second highest total number of empty homes up 42.7% to 381 in 12 months. Over a decade Harrow not only saw the biggest rise in one year, but the largest London rise in 10 years, up 76%.

 

The borough of Croydon had the second highest number of vacant homes at 1,216 (up 19% in a year) followed by Camden with 1,114 (down 2%).

 

In the capital, 19 boroughs saw falls while 14 saw rises on the previous year.

 

The following table shows long-term vacant properties for all 33 London boroughs from 2006-2016, and the total estimated value, calculated from an average London property price of £474,704*.

 

LONDON BOROUGHS Number of empty homes 2006 Number of empty homes 2016 Total value of potential homes sitting idle
Kensington and Chelsea 1,140 1,399 £664,110,896
Croydon 2,721 1,216 £577,240,064
Camden 1,056 1,114 £528,820,256
Barnet 1,604 1,100 £522,174,400
Enfield 3,028 1,085 £515,053,840
Hackney 2,441 1,046 £496,540,384
Southwark 1,192 926 £439,575,904
Lewisham 0 812 £385,459,648
Lambeth 2,807 756 £358,876,224
Haringey 535 732 £347,483,328
Ealing 1,091 695 £329,919,280
Tower Hamlets 940 656 £311,405,824
Harrow 370 651 £309,032,304
Newham 2,070 593 £281,499,472
Bromley 1,253 591 £280,550,064
Sutton 1,238 566 £268,682,464
Merton 971 502 £238,301,408
Islington 1,057 499 £236,877,296
Waltham Forest 832 477 £226,433,808
Westminster 1,979 473 £224,534,992
Greenwich 1,510 463 £219,787,952
Brent 1,214 453 £215,040,912
Havering 1,145 429 £203,648,016
Hillingdon 804 401 £190,356,304
Bexley 823 387 £183,710,448
Hammersmith and Fulham 854 381 £180,862,224
Richmond upon Thames 687 332 £157,601,728
Hounslow 545 277 £131,493,008
Redbridge 1,275 274 £130,068,896
Wandsworth 953 220 £104,434,880
Kingston upon Thames 1,059 181 £85,921,424
Barking and Dagenham 893 110 £52,217,440
City of London 55 48 £22,785,792

 

Source: DCLG

 

Dan Gandesha, CEO of property investment marketplace Property Partner, comments: “These figures lay bare the huge amount of housing stock lying empty across the country.

 

“Councils have had the power to apply to seize empty homes since 2006 and huge advances have been made over the last ten years. Our research shows there is some great work being done in areas where the number of empty homes is coming down rapidly, such as Blackpool and Harrow.

 

“Dealing with this issue represents a fantastic opportunity to free up supply and help alleviate the scarcity of affordable housing nationally.

 

“We’d like to see the trend of the last decade continue, particularly where prices and demand are highest. That’s why it is a concern that in London 14 of 33 boroughs saw an increase in empty homes compared with the previous year.

 

“It would be encouraging to see that number reduce over the course of 2017, particularly when you consider that in and around London, some of the poorest workers are being pushed towards spending more than 40% of their income on rent***.

 

“Tackling empty homes is one of the ways Britain can fix its broken housing market.”

 

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