There are more than 200,000 homes sitting empty in England – worth a total of £43bn
In England there are 200,000 homes that have been sitting empty for more than six months, according to new Government figures. This is equivalent to £43bn worth of housing stock.
In London alone there were 19,845 homes sitting vacant for over six months last year, property that is worth £9.4bn, taking into account average prices.
Kensington and Chelsea has the capital’s highest number of homes which are vacant for more than six months with 1,399 empty, up 8.5pc on last year, and 22.7pc higher than 10 years ago.
This is likely due to the buy-to-leave phenomenon, where wealthy buyers snap up homes as an investment, and leave them empty while waiting for its value to increase.
Communities secretary Sajid Javid downplayed the role of such foreign buyers in exacerbating the housing crisis, saying the problem “isn’t as bad as some people think”. A Savills’ report found that the majority of homes bought by people based overseas were being rented out, rather than left empty.
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Source: The Telegraph