Government statistics have revealed that there are currently over 225,000 long term vacant properties across the UK. Greater London alone is home to just over 10% of those properties, totalling nearly 25,000 vacant buildings across the capital. With the British high street facing mass closures and more office spaces becoming redundant as Covid-19 continues to affect us, perhaps it is no surprise that our capital is facing such high numbers of vacant properties.
As these number rise, our aim at Blue Door Property Guardians is to provide a sustainable solution for landlords spending thousands of pounds on vacant property management. If you don’t already know, property guardianship is a relatively new sub-sector of the security industry where guardians move into vacant properties in order to provide 24-hour, live-in security. The scheme supports landlords, local economies, and helps key workers and professionals find affordable housing in London.
To get a full picture of what’s going on, let’s first look at how London compares to the rest of the UK.
Top 5 Areas with The Highest Number of Long-Term Vacant Properties in the UK:
London – 24,677
Birmingham – 4575
County Durham – 4209
Bradford - 4040
Liverpool – 3956
According to the numbers, London is the epicentre of the vacant property crisis. With roughly 5 times more long-term vacant properties than Birmingham, London tops this list by a long way. In comparison to other major cities around the UK, it is clear that our capital has been badly affected.
Photo by Toa Heftiba on Unsplash
After a significant decline in the numbers of long-term vacant properties between 2004-2016, the numbers have started rising again. In 2016 London had 19,845 vacant properties, meaning that in the span of 4 years London has acquired nearly 5000 new vacant properties. This could be a worrying statistic for landlords.
According to Benham & Reeve’s, London’s vacant homes are valued at £35.581bn. The property market in London has faced ongoing troubles & long-term vacant property poses a significant economic impact for property owners in the city. Not only is the asset at risk of devaluing, but we estimate that maintaining a vacant commercial property with traditional methods can cost upwards of £100,000/year.
So, how does the number of vacant properties vary across London?
The 5 London Boroughs with The Highest Number of Long-Term Vacant Properties:
Southwark - 1469
Croydon - 1340
Newham – 1275
Camden – 1241
Kensington & Chelsea – 1179
The 5 London Boroughs with The Lowest Number of Long-Term Vacant Properties:
Wandsworth – 156
Barking & Dagenham – 206
City of London – 273
Hammersmith & Fulham - 296
Kingston Upon Thames – 305
Between Wandsworth (with the lowest numbers of long-term vacant property) and Southwark (with the highest), there is a dramatically different scene. London is a vibrant & varied city, and these figures make that very clear.
Croydon has seen the sharpest rise in vacant property numbers, with a 355% increase since 2013 (when the borough had 294 vacant properties). Newham and Southwark have also seen rising numbers, as well as much of the rest of the city.
Photo by Benn McGuinness on Unsplash
But what can we do about it?
As the situation evolves, we are always looking for new ways to sustainably support landlords and local areas. At Blue Door Property Guardians, we manage a number of properties from these high-risk areas, and some areas outside of London. We’ve found that even though we have no direct control over the rising numbers, we can reduce the negative impact a vacant property has on an area.
If you’re a property owner looking for a more effective way to manage your vacant property, or if you’re a prospective property guardian looking for a more sustainable way to live in London – get in touch with us today to see how we could help.