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Number of Vacant Houses Rises

Written by Sam Jones on 21 December 2011.

Homes survey, pushing down prices in the worst affected areas. The figure indicating a 1.8 per cent increase is said to have a “significant impact” on the housing market and in particular opportunities for applicants seeking First time buyer mortgages to enter the mortgage market according to the mortgage lenders report.The number of long- term empty (vacant for above 6 months) homes in England has however fallen to 292,313 its lowest level since 2008, accounting for about 1.6 per cent of all private homes in England. Stephen Noakes, mortgage director at Halifax said “At a time when first time buyers are still facing numerous obstacles to getting on the ladder, it is imperative we look further as an industry.”Areas which have the highest proportions of empty houses had their prices pushed down as a result with houses in the ten most affected districts being 15 per cent (£23,493) below the regional average. The North West was reported to have the highest number of empty properties at 63,696 accounting for nearly a quarter of the total across England.This figure is in contrast with the southern regions in England, which have a below average number of long term empty private homes, with a low of 1% in the South East, which is encouraging news to us as a London Mortgage Broker. Properties in areas such as Pendle in the North West were trading below the average house price in the region at 29 per cent (£38,831), said to be as a result of the 4.8 per cent total of long-term empty homes there.Martin Ellis, housing economist at Halifax said “Whilst it is encouraging that the number of private homes in England that have been empty for at least six months has declined over the last few years it is still at a high level particularly in the context of the country’s ongoing housing shortage.” He adds that in some areas, the number of empty homes is “more than double the national average.”The number of empty houses in England has risen by nearly 12,000 over the year to stand at 662,105, according to the latest figures from Halifax’s Annually Empty Homes survey, pushing down prices in the worst affected areas. The figure indicating a 1.8 per cent increase is said to have a “significant impact” on the housing market and in particular opportunities for applicants seeking First time buyer mortgages to enter the mortgage market according to the mortgage lenders report.

The number of long- term empty (vacant for above 6 months) homes in England has however fallen to 292,313 its lowest level since 2008, accounting for about 1.6 per cent of all private homes in England. Stephen Noakes, mortgage director at Halifax said “At a time when first time buyers are still facing numerous obstacles to getting on the ladder, it is imperative we look further as an industry.”

Areas which have the highest proportions of empty houses had their prices pushed down as a result with houses in the ten most affected districts being 15 per cent (£23,493) below the regional average. The North West was reported to have the highest number of empty properties at 63,696 accounting for nearly a quarter of the total across England.

This figure is in contrast with the southern regions in England, which have a below average number of long term empty private homes, with a low of 1% in the South East, which is encouraging news to us as a London Mortgage Broker. Properties in areas such as Pendle in the North West were trading below the average house price in the region at 29 per cent (£38,831), said to be as a result of the 4.8 per cent total of long-term empty homes there.

Martin Ellis, housing economist at Halifax said “Whilst it is encouraging that the number of private homes in England that have been empty for at least six months has declined over the last few years it is still at a high level particularly in the context of the country’s ongoing housing shortage.” He adds that in some areas, the number of empty homes is “more than double the national average.”

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