An increase in empty homes in London

Finefair Ltd is a team that knows all about the property market in London. We appreciate that many people want to purchase assets in the city because of the potential for great returns. Our team is here to help these investors. We can provide management solutions, guaranteed rent, and more all over the city. This makes us one of the top names for managing investment properties Brent has.

Empty properties

While London is a hotspot for investments, it can cause some trouble with vacant properties. The latest data shows that there are over 29,000 long term empty homes in the city. These are properties that been without residents for over six months.

The issue is that a number of investors buy properties with no intention to live in them full time. Some choose them as summer or second homes. Others simply want to hold them until they rise in value so they can sell for a profit. In total, over £15billion of properties are vacant.

The issue

The trouble with so many investors targeting properties in London is it can make it harder for people to get on the property ladder. It can affect supply and also push up prices, causing a double affect. The latter can cause affordability problems too.

The highest number of vacant properties

Investment properties BrentAccording to the data, the City of London has the highest percentage of empty homes in the whole of Britain. In total 42 homes per 1,000 were vacant. The total was 276 with a value of over £215million.

One of the issues for the City of London is that it has a relatively small number of residential properties. The majority of buildings here are commercial with only a smaller amount of housing. As a result investors tend to snap up home. The rise in vacancies will also partly be because of the number of people who have moved away from the City because of COVID.

Quite surprisingly, Southwark is the top area in terms of the sheer number of long term vacancies and the total value. There are over 2,300 homes sitting empty in the Borough. The market value of these assets is over £1.24billion. It is quite a shock that the area tops both lists because it is not a traditional prime market.

The next noteworthy area is Camden. Here there are 1,445 long term vacant properties with a combined value in excess of £1.15billion.

Hackney rounds out the top three for vacancies. The Borough has 1,392 empty homes that have not had anyone living in them for six months or more. Together they are worth over £871million.

A huge rise

While it does not reach the same huge levels as the areas above, Brent has had a big problem with vacant properties. The total vacancies (1,029) and value (over £512million) may only give it 12th spot on the list. However, the shocking figure is that between 2019 and 2020 the number of vacancies grew by 206%. That is a huge issue.

The team to look after investment properties in Brent

Finefair Ltd is a team that can help to bring more homes back to the market. We can do this in a number of ways. Firstly, we can offer traditional letting and management services. Then, we can provide council leasing solutions. They can be a good option that helps council’s to get access to more properties. In return, it can guarantee the rental income for the owner.

Whatever you have in mind, we are one of the top teams for looking after investment properties Brent has. We can scale the services to suit any needs too, ensuring we can cater for large and small portfolios. We can even take care of blocks and estates.

So, if you need help, please speak to us today.