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Empty homes in the UK on the rise as vacant stock hits £50bn
The number of empty homes across the country has risen for the first time in a decade reaching £50bn worthy of vacant stock, new analysis has revealed.
Since 2008, the number of empty houses has gradually declined but in 2017 the figures rose again by 5,148 homes reaching 205,293 in total (a rise of 2.6% compared to the previous year), analysis by House Simple has found. The number of long-term vacant homes (those empty for at least six months) now reach a worth of almost £50bn.
The city of York was the most affected this year as the number of long-term vacant properties increased by a shocking 322% in one year. Regarding rises in empty households York is followed by London (229%) and Cambridge (156%), although Birmingham is still the city with most empty homes in the country with 4,280 vacancies.
According to the Guardian, there were nearly 80,000 empty homes enjoying council tax discounts or not paying tax altogether.
Sam Mitchell, CEO of House Simple said: "Having empty housing stock on this scale, in a country suffering a supply crisis with plenty of legal options open to councils, is a situation that needs to be addressed urgently.
"The situation has worsened, not just in London but across the country. Surely it is time to think of some innovative solutions such as temporary capital gains tax relief for sales of empty, second or investment properties to help deal with this issue in the short term."
The Resolution Foundation published A New Generational Contract recently where they suggest a number of tax proposals. The foundaction calls for the replacement of council tax with a progressive property tax, featuring surcharges on second and empty properties.