First-time buyers could me missing out on more than one and a half million empty and derelict properties across England and Wales worth over £500 billion.
The former homes are without any residents or tenants and have no plans for sale or redevelopment – they are just left completely abandoned and falling into disrepair.
HIDDEN GEMS
Now mortgage lender Together with the help of BBC TV host Lucy Alexander (main pic) is shining a light on the UK’s property ‘Hidden Gems’ in a nationwide campaign to highlight the opportunities for first time buyers and doer-uppers.
Some 1.55 million properties are sat abandoned and derelict in England and Wales which could deliver £531 billion in value if redeveloped and planning eased.
And more than half of Brits are encountering derelict and unloved buildings every week – with one in five (20%) seeing or walking by them every single day.
These homes are registered as completely ‘abandoned’.”
These homes are registered as completely ‘abandoned’ – with no usual or short-term residents in place, or use as a second home; without any clarity on plans for sale or redevelopment. Close to one in five empty homes (18%) have been vacant for at least six months.
Analysis by Together across England and Wales found over 240,000 abandoned detached homes – worth £123 billion – and just under 260,000 empty semi-detached homes and nearly 680,000 flats and apartments.
TV presenter and property expert and ‘Hidden Gems’ Campaign Ambassador Lucy Alexander says: “Throughout my TV career, I’ve seen my fair share of once-loved-now-neglected properties; some of which can quickly become an eyesore for local residents.
“It’s a real shame especially as so many people struggle to find affordable housing options and get that first foot onto the property ladder to begin with.”
POTENTIAL BUYERS
And she adds: “Spotting those property ‘hidden gems’ can really help potential buyers and developers open the doors to a newfound building opportunity – be it for housing, the creation of a new business or restorative project. So many existing sites today could see their former glory restored and new purpose given if the right support can be put in place.”
Elliot Vure, Corporate Director at Together, says: “There’s a clear case for addressing and solving the UK’s abandoned and crumbling properties. Part of the solution could be turning old and disused buildings into much needed homes – although this is by no means a magic bullet.
Buildings such these can offer a huge amount of potential for investors and developers.”
“Although many are way past their best, buildings such these can offer a huge amount of potential for investors and developers with a vision to restore them back to their former glory or repurpose them.”
He adds: “There also needs to be greater incentives to encourage homebuyers and investors to make the most of the 1.55million empty homes across England and Wales.
“In both cases, we need a joined up and pragmatic approach from the property industry and Government allowing us to reap the rewards of wider economic benefits, while preserving our architectural heritage and creating places for people to live.”
