A
Andrewlaville
New Member
The UK faces a housing shortage crisis and neither the government nor the private sector are doing enough to keep up with the demand for new properties. The demand is increasing every year and urgent action needs to be taken to get individuals and approximately 78,000 families that are living in temporary accommodation into more permanent homes.
Recent reports suggest the following:
-More than 300,000 properties lie empty across the UK
-276 of the 418 local councils show that there are 216,000 homes which have been empty for 6 months or more
-11,000 of these properties have been empty for more than a decade
-The issue of empty properties has been described by Vince Cable the leader of the Lib Dems as being a “National Scandal”
-These properties lie empty for various reasons such as the owners having moved abroad, tired landlords or the owners believing that the property is unsaleable due to its poor condition.
In most cases, the owners are looking for a way out in order to move on with their lives. Unsure of what to do, many believe that the best option is to leave the property empty until they work things out and can come up with a solution.
Empty Property Owners Face Pressure From The Government
The issue of empty properties has been described by Vince Cable the leader of the Lib Dems as being a “National Scandal”. Burying their heads in the sand may have been a solution for the owners in the past. However, with the well-publicized crisis of the housing shortage as well as empty properties playing out in the media, the owners are feeling more pressure to do something about those properties. Local Authorities are applying pressure more frequently by using their powers too. For example, they are using CPOs Compulsory Purchase Orders to confiscate the properties from these owners and putting them back into use.
What does the scale of Empty Properties mean for investors?
Opportunities! As there is an army of investors in the UK looking for great deals, I believe that there should be “No house left behind”. The neglected properties need some TLC too. There are plenty of deals out there to be done and this is an opportunity that has been overlooked by many investors.
A great source for finding Below Market Value Properties
Due to many of the properties being in poor condition, there is always room to negotiate on price and add value to the properties when purchasing them
When buying property below market value, you protect yourself against the market in the eventuality of house prices falling. If you had paid the market value at the time of your investment, any fall in value would translate into a loss
Another advantage is that cash flow is usually higher. If an investor buys a property with a mortgage, the less you pay for the property the less your repayments will be
Locating the owners is easier than you may think
-Speak to the neighbours and ask for details about the owners
-Check who the owners are on the land registry, you may just get their current address to send a letter out to them
-Hire a tracing company to locate the owners, this will cost you but buying the property will be more than worth it.
Sent from my iPhone using Property Forum
Recent reports suggest the following:
-More than 300,000 properties lie empty across the UK
-276 of the 418 local councils show that there are 216,000 homes which have been empty for 6 months or more
-11,000 of these properties have been empty for more than a decade
-The issue of empty properties has been described by Vince Cable the leader of the Lib Dems as being a “National Scandal”
-These properties lie empty for various reasons such as the owners having moved abroad, tired landlords or the owners believing that the property is unsaleable due to its poor condition.
In most cases, the owners are looking for a way out in order to move on with their lives. Unsure of what to do, many believe that the best option is to leave the property empty until they work things out and can come up with a solution.
Empty Property Owners Face Pressure From The Government
The issue of empty properties has been described by Vince Cable the leader of the Lib Dems as being a “National Scandal”. Burying their heads in the sand may have been a solution for the owners in the past. However, with the well-publicized crisis of the housing shortage as well as empty properties playing out in the media, the owners are feeling more pressure to do something about those properties. Local Authorities are applying pressure more frequently by using their powers too. For example, they are using CPOs Compulsory Purchase Orders to confiscate the properties from these owners and putting them back into use.
What does the scale of Empty Properties mean for investors?
Opportunities! As there is an army of investors in the UK looking for great deals, I believe that there should be “No house left behind”. The neglected properties need some TLC too. There are plenty of deals out there to be done and this is an opportunity that has been overlooked by many investors.
A great source for finding Below Market Value Properties
Due to many of the properties being in poor condition, there is always room to negotiate on price and add value to the properties when purchasing them
When buying property below market value, you protect yourself against the market in the eventuality of house prices falling. If you had paid the market value at the time of your investment, any fall in value would translate into a loss
Another advantage is that cash flow is usually higher. If an investor buys a property with a mortgage, the less you pay for the property the less your repayments will be
Locating the owners is easier than you may think
-Speak to the neighbours and ask for details about the owners
-Check who the owners are on the land registry, you may just get their current address to send a letter out to them
-Hire a tracing company to locate the owners, this will cost you but buying the property will be more than worth it.
Sent from my iPhone using Property Forum