GMB, one of the largest trade unions in the UK, recently revealed some shocking figures about the property market in London. Their study claims that over 59,000 homes in the capital are currently vacant. Of this number over a third of them (20,915) have been unoccupied for six months or longer. These are astonishing figures, particularly at a time when demand for homes is so high and targets for building new homes are being missed.
The report goes into more detail about which Boroughs have the highest number of vacant homes. Southwark came first with 4,677. Ealing was second with 3,209 and Croydon followed closely behind with 3,130.
Croydon would have secured second place on the list if not for the Council’s empty properties campaign. This sees them identify, refurbish and ultimately rent out homes that have been abandoned. In just over a year they have been successful with 130 properties, making them available to people seeking council housing.
On top of this the local authority is working hard to encourage landlords to choose council leasing in Croydon rather than privately. This allows them to make the homes available to the people who need them the most. It also provides the owner with a set monthly income regardless of whether the properties are inhabited or stand empty.
At Finefair we support council leasing in Croydon and promote the service all across the Borough. We work in partnership with the local authority and landlords, ensuring that agreements are right for all parties. We have done this for a number of years so we are in a fantastic position.
Council leasing is a good option for property owners who struggle to find tenants as well as those who want to ensure the homes are managed to a high standard. If you would like additional information or want to discuss your needs with us please get in touch. As we mentioned we are very well placed to help.