The number of empty properties throughout England is on the rise, fuelling Government concerns that there are not enough houses for first time buyers in areas such as Leeds and Liverpool .
According to a report in the Telegraph, the number of vacant properties has increased for the first time in ten years. It now stands at 205,293 empty properties up and down the country and said to be worth an estimated £50 billion.
Fast House Sales in Leeds and Liverpool
The financial crisis in 2008 saw many home repossession and bankruptcies and a high of 326,954 empty properties. Since then, the number of empty properties around the country had been on the decline. 2017 saw this trend reverse and the number of vacant properties around England leapt by 2.6%.
While the number of long-standing empty properties remain highest in the capital, where many of the homes are second properties or investment properties where the buyer is holding on to them until the value increases. However,areas such as Leeds and Liverpoolare also high on the list with a registered 2709 properties standing empty in 2017 in Leeds and 3889 in Liverpool. In most cases, the reason for the homes being vacant is rarely due to the owners waiting for them rise in value and usually due to either repossession or the inability to sell the property.
Although the number of empty properties only accounts for around 0.9% of the housing stock in England, Government officials are keen to address the situation and bring these homes back into play to help ease the housing crisis.
Sadly, many of the empty homes in Liverpool and Leeds are now of a poor standard and need lots of refurbishing work to bring them back up to a liveable standard. In many cases, the owners of the properties needed to sell my house fast but a slow-moving housing market has not allowed this to happen.
This situation could have been avoided for many.If the owners of the properties had approached a property buying company such as buyingpropertyfast.com, they could have solved their problem quickly and would not be saddled with either an expensive empty property or had the bank repossess their home through defaulting on their mortgage payments.
Buyingpropertyfast.com allows people to sell my house for cash and in many cases, sell my house today. While many home owners feel that using approved property buying companies may lead to them losing money on the value of the home, having the property repossessed or standing empty long-term leads to much more money being lost and potential credit black-listing.
With so many long-term empty houses out there, many local councils are taking measures to bring them back into housing stock by forcing owners to sell at well below market value or increasing the amount of council tax charged on properties left vacant and unfurnished for more than two years. Some politicians have asked that capital gains tax be suspended for the sale of long-term empty investment or second properties to help deal with the situation and prompt more owners to put the properties on the market or reduce the asking price in order to get a quicker sale.