Dealing with empty residential properties
Bringing back empty residential properties into use can be part of a solution for the regeneration of a neighbourhood
For the property owners:
- it unlocks potential capital if the property is sold; it will produce rental income if the property is let and there is the potential for an increase in property value
- leaving a property empty increases the risk of vandalism and crime, making the property more costly to insure empty, if it can be insured at all. This leaves the owner vulnerable to losing their asset completely if it were destroyed by fire.
For local residents:
- it reduces the opportunities for vandalism, fly tipping and antisocial behaviour in all its forms
- unsightly properties can have a negative effect on a neighbourhood; reduce house prices and lower people's pride in the area
- increased housing supply to meet housing needs
- improvements in the appearance of the area if derelict and neglected properties are re-occupied, encouraging further occupation
For the local economy:
- bringing an empty residential property back into use contributes to the regeneration of an area, increasing spending in the local economy and helping to protect the value of surrounding properties
- unsightly properties can often deter investment in an area, which can lead to decline.
For the wider community:
- returning properties back into use reduces demands on services such as the Police, Fire and the council to deal with the associated problems. As a consequence resources can be used more effectively elsewhere and those once empty homes provide additional housing for the local community
- bringing back empty properties into use may reduce the need for new development on green field sites
- re-establishment of communities
- reduction in crime rate due by removing opportunities for nuisance and increased level of anti-social activities
- by returning empty properties into use, residents will benefit from cleaner, more attractive neighbourhoods and stronger, safer communities while encouraging private investment and regeneration into the area
- restoration of Council Tax and rental income.