"Clearly, most Britons would like to see more proactive government action to ensure derelict properties are renovated and returned to the market. However, it is essential to acknowledge that the responsibility should not rest solely on the shoulders of the public sector"
- Paresh Raja - MFS
Over a third of UK adults say their local area suffers from an excess of empty or derelict properties, with people calling on the government to do more to tackle the issue, new research from Market Financial Solutions has revealed.
The specialist lender commissioned an independent survey of 2,000 UK adults. 58% have seen a rise in the number of empty or derelict commercial properties on their local high street over the past five years, while 25% say there has been an increase in the number of empty or derelict houses on their street in the same period.
Over three in ten (34%) feel that their local area suffers from there being too many run-down, empty or derelict properties.
MFS’s research found that 67% of UK adults would like to see the government do more to incentivise people to buy and renovate empty properties.
61% think there should be stricter regulations to clamp down on people leaving properties vacant, with 51% in favour of new rules to make landlords sell properties (residential or commercial) if they have been empty for more than 12 months.
63% of respondents believe that returning empty buildings onto the property market would be the most effective way to solve the UK’s housing shortage.
Paresh Raja, CEO of MFS, said: “Our research shines a light on a crucial societal issue: the prevalence of empty and derelict properties across the UK. Given the country’s longstanding housing shortage, it is an issue that Housing Minister, Lee Rowley – the 16th person to hold the role in the past 13 years – must put high on their priority list.
“Clearly, most Britons would like to see more proactive government action to ensure derelict properties are renovated and returned to the market. However, it is essential to acknowledge that the responsibility should not rest solely on the shoulders of the public sector.
“The private sector can – and must – significantly contribute to resolving this challenge as well.
"Whether it is financing the acquisition of properties at auctions or funding the renovations required to bring these buildings up to scratch, lenders, developers and investors have an important role to play in transforming abandoned properties and, in doing so, boosting the UK’s housing stock.”
