Insurance News Archive

Empty property levels dropping

The number of properties standing empty in the UK is steadily declining, it has been suggested.

According to the Empty Homes Agency (EHA), there are currently 282,000 long-term empty homes in England, despite the huge demand for places for people to live - especially from first-time buyers.

But the reason for this is said to be property investors who speculate by buying property in an area and then leave it empty to solely gain on property price gains.

However, a spokesperson for the EHA advised that this practice was on the decline due to legislation changes.

"The law has progressively hardened against such behaviour," the spokesperson said.

"The Housing Act last year was extended to include another power for local authorities to tackle this problem."

This was said to be contributing to "continual improvement" in making sure all available property is put into good use.

Property investors are being particularly targeted by the London boroughs as both living and office space is at a premium, especially in the centre of the capital.

31 Aug 2007