Empty properties represent an untapped resource that affects both the community and property owners. There are many positive outcomes when these vacant properties are brought back into use. These include:
- contribution to housing supply and reduction of homelessness
- diversification of housing types to meet residents’ needs reduction of unsightly properties that can blight an area
- mitigation of antisocial behaviour, such as fly-tipping and vandalism. preservation of neighbouring property values by avoiding neglect in the vicinity
financial incentives for local authorities through programmes like the New Homes Bonus
- potential financial benefits for owners (e.g. rental income) and reduced liabilities (e.g. Council Tax and utilities)
- application of an empty homes’ premium for properties vacant for two years or more, with charges increasing over time
- environmental benefits through efficient use of existing housing stock, leading to carbon savings