Empty properties are an epidemic across the UK. So, its fantastic news that over 1150 empty properties were brought back into use in 2021 in Scotland. Moreover, this figure is 35% higher than the previous year when renovation had to be put on hold. The uncertain nature of pandemic meant rentals were made vacant, investments in the property market were reduced and people were deterred from buying houses.
Many of these long term empty properties have since been returned to use according to the Scottish empty homes partnership. Despite the pandemic almost being over, there has been a long term impact on empty properties. Figures are still down 18% compared to before the pandemic. Inflation and the rise of numerous costs partnered with material shortages are impacting the number of properties being brought back to use also.
The longer properties are left the harder it is re-establish. 2 years and 5 years are considered milestones for empty properties. Being left as long as that can raise more complex issues with an empty property and therefore become more costly to resurrect. Despite this, over 400 homes have been brought back after being left empty for 2 years and 150 properties have been brought back over 5 years.
However this is just across Scotland. Around the whole of the UK there are almost 240,000 empty properties. These are classed as long term empty properties as they have been left vacant for over 6 years. In fact one in three properties in London’s financial center are left empty. Many are left to appreciate on the property market. Moreover, there is 30,000 empty properties in London and 7000 in Cornwall both of which are considered empty due to acting as Airbnb’s. But what about properties that have just been abandoned or probate properties. These can pose a larger threat to neighborhoods due to squatting, lack of upkeep and vandalism to name a few. All of which can decrease the areas standing and therefore property value. If there is an empty property near you please report it to Blanchard’s right away. For more information please contact us.
