While there are many issues to overcome in the London housing market, a lack of homes being supplied to the sector has been a significant issue. 2020 saw a great number of vendors place their home up for sale, but there was also a marked increase in demand for property.
At Stones Residential, we know this has been a challenging year, and we are here to help you if you need assistance in the market. 2020 offered some unique challenges in the property sector, and it is likely 2021 will offer more of the same.
One of the barriers to the London housing market is the number of vacant properties in the market. If you have a vacant property in or around Hackney, and you are considering selling it, we are more than happy to assist you.
You won’t be surprised to learn that there is a considerable amount of vacant property across the country, and London holds the largest value of empty homes.
A recent study suggests there is a total of 648,114 vacant properties in England, and these empty homes hold a value of £169.67 billion.
Some areas have more empty homes than London
The value of London property lying empty stands at £35.58 billion. However, while the capital has the largest value of empty property, it should be noted over areas of the country have more empty houses. London is only the fourth ranked region when it comes to the number of vacant properties.
The North West leads the way when it comes to the number of empty properties, with a total of 104,738 properties. These homes hold a value of £18.54m.
The South East is second in the list of empty properties, with a total of 96,128 homes, holding a value of £32.37m.
Yorkshire and the Humber is listed third, as there are 76,191 empty properties, and these homes have a value of £13.29m.
When it comes to more local levels, London hosts the three leading areas with most valuable vacant property.
The value of London property stands out
The London Borough of Southwark is number one, with a total of 6,303 vacant homes, and when you consider the average price in the area of £520,771; this equates to around £3.28 billion worth of empty homes.
The London Borough of Camden is next in line, with 3,878 properties, which carries a value of £3.15 billion. Then the London Borough of Kensington and Chelsea is next, with 3,067 empty properties holding a value of £2.78 billion.
Director of Benham and Reeves, Marc von Grundherr, said: “Given the ongoing housing crisis and the government’s consistent failure in addressing the shortage of property stock to meet demand, it’s quite frankly scandalous that such a vast number of homes are sitting vacant across towns and cities all over England.”
Marc continued by saying; “Rather than struggle to find land to build on, focussing on the vacant dwellings already available and making them fit for standard would be a far easier win. Of course, the volume of homes is one thing but when you also consider the huge value the sale of these homes could bring to the local economy, the figures are staggering. This isn’t an issue localised to London, it’s prominent all over England from Cornwall to Leeds, Brighton to Liverpool and it’s time we did something about it.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.