National Empty Homes Week was held from October 16th to the 22nd. The campaign was designed to give local authorities across the UK the chance to launch events that will help to tackle the problem with empty properties.
One of the most incredible ideas from the week came courtesy of Redbridge Council. They revealed they will issue grants that can cover up to half of the renovation costs for homes that have been unoccupied for over a year. The maximum a property owner can claim is £30,000, dependant on the number of bedrooms within the home. The extra funding would help to bring more properties to the market, easing pressure on supply.
Redbridge Council appreciate there may be many reasons why a property remains vacant but stress that numerous problems can occur when they are allowed to remain so for a long period of time. For example they could become the focus of vandalism and even arson, both of which could put neighbouring properties and residents at risk. The grants to help renovate properties would bring them back to a habitable condition. The local authority would also offer support with finding tenants.
Alongside the grants the London Borough Council also revealed they would take action if property owners did not. This could see them handle the renovation and re-occupation without input from the owner. Local residents were urged to report properties that were vacant in their areas so the council could start taking action.
When it comes to property investment Redbridge has proven to be a popular area over the last few years because of the affordable prices. The fact that investors can get more support from the local authority to renovate and return properties to the market is very encouraging too.
If you are considering investing Finefair can also provide great support. We have a knowledgeable, highly trained team that can offer a series of services. You can discuss your ideas with us and get our expert opinion. We will do all we can to make sure you choose the right strategy.
We are proud to have built a strong reputation for effectively helping clients to find the opportunities for property investment Redbridge has to offer. Contact us today to get started.