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Southwark will have the highest number of empty homes of any London borough in 2023, with 5,143 homes remaining vacant last year, according to analysis by SBA Property Management.
The combined value of these properties is estimated at £2.77 billion, the third highest of any London borough.
The borough is home to several popular attractions, including Borough Market and Tate Modern, as well as plenty of dining and nightlife options, all within walking distance of central London.
Other major offenders are Barnet, Camden, Croydon and Newham.
Empty properties in London are collectively worth £50bn, with a quarter of this in the five boroughs mentioned above.
Habib Mogul, director at SBA Property Management, said: ‘Empty properties remain a major impediment to London’s housing supply, but recent efforts have been made to put them back on the market and untie £50bn. We’re seeing an increase.” In an empty house in the city.
“Local councils will soon be able to impose heavier premiums on properties that have been vacant for more than a year, with further regulatory changes likely to follow.
“It will be interesting to monitor the impact of these changes. Success in encouraging owners of long-vacant properties to sell or rent may create many opportunities for property investors and property managers. do not have.”
Barnet is known for being halfway between central London and the Hertfordshire countryside. In the area, regeneration schemes such as Brent Cross Cricklewood are helping to create new jobs, attracting more people to the borough and creating opportunities for investors.
Camden’s vacant property is valued at an estimated £3.5 billion, second only to Kensington and Chelsea (£4.2 billion) of all London boroughs. A popular spot for locals and tourists alike, Camden has some of the highest house prices of any London borough. Along with Camden’s Market, the borough is home to major live music venues such as KOKO and the Roundhouse. Camden is a very desirable inner London borough to live in, with Regent’s Park on the doorstep and plenty of green space.
The outer borough of Croydon has the fourth highest number of vacant properties in London, with 3,946 vacant properties recorded in 2023. Known as a commuting hub, Croydon has excellent transport links with four train stations providing quick access to central London, Gatwick Airport and central London. M25. Investors will also benefit from an abundance of green space, excellent shopping facilities and a vibrant food and beverage scene, including Box Park.
With 3,812 vacant homes, Newham ranks fifth on the list of London boroughs with the most vacant homes in 2023. The borough has benefited from significant investment over the past 15 years, particularly from the 2012 Olympic Games. With good access to the River Thames and a short commute to central London, it’s a great place to live.