There are an eye-watering 754,264 vacant homes in England of which 303,185 (40%) are classed long-term vacant.
Long-term vacant means they have been sitting empty for more than six months.
Based on the latest regional average prices, House Buyer Bureau estimates that these long-term vacant homes represent some £88.6bn worth of long-term empty residential property.
London has the highest estimated value of long-term vacant housing stock of any region.
There are 47,287 long-term vacant homes across the capital, accounting for 45% of London’s 105,138 vacant properties.
With the average London home valued at £544,814, House Buyer Bureau estimates that the capital’s long-term vacant housing stock is worth almost £25.8bn.
At local authority level, some of the most valuable concentrations of long-term vacant housing are also found within London.
Kensington and Chelsea has 2,030 long-term vacant homes, representing 59.7% of all vacant properties within the borough. Based on the borough’s average house price of £1.256m, this stock has an estimated value of almost £2.55bn.
Westminster has 2,279 long-term vacant properties, equivalent to 61.2% of its vacant housing stock, with an estimated combined value of £1.91bn.
Outside London, Birmingham stands out, with 7,060 homes having remained vacant for more than six months.
Based on the city’s average house price, this equates to an estimated £1.64bn worth of long-term vacant housing.
This article is taken from Landlord Today