Recently released government housing data showed that more than 4,000 homes across Norfolk and Suffolk stood empty for at least last six months prior to October last year according to a report on EDP24.co.uk
The overall empty property figure for Norfolk and Waveney stood at 13,451
In the article Norwich City Council insist they are taking action, according to their spokesman, who said, “We brought 142 empty homes back into use between April and December last year against a target of just 20 – a fantastic achievement”.
Pressure on “Buy to Leave” Investors
But with recent news in a report by the Guardian that London’s Islington Borough Council plans to penalise property owners who leave homes empty for more than three months, pressure could be on for other local authorities to limit the increasing “buy to leave” investor culture. Offenders could face fines, repossession or even jail terms.
Other councils will undoubtedly be watching closely to see what effect any such measures may have.
Protecting Vacant Properties
Leaving a property empty while awaiting sale or new tenants, or even undergoing renovation is often necessary or unavoidable. So property owners need to ensure their investment is well protected during these times. Click4quote.com offer specialist empty property insurance so why not get a quote online today and see how we can help protect your vacant home