Member Article

Empty property scheme “could save 50,000 North East homes”

A North East property expert has welcomed a scheme which could see the North East’s 50,000 empty properties turned back into family homes.

Launched this week, the National Empty Homes Fund will see housing charity Empty Homes team up with the Ecology Building Society and 39 councils – including Durham and Northumberland – to bring some of the UK’s 710,000 dilapidated properties back into residential use.

The scheme – backed by North Eastern television star and empty homes campaigner George Clarke – offers property owners low cost loans of £5000 to £15000 to renovate homes which have been empty for at least six months.

The National Empty Homes Fund has been funded by a £3million grant from the government and is designed to help solve Britain’s growing housing crisis.

The project has been welcomed by Ajay Jagota of North East property business KIS Lettings.

Ajay, who manages properties for 700 landlords from branches in Sunderland, South Shields, North Shields and Welwyn Garden City, said:

“The biggest obstacle to bringing empty homes back into use is their owners not being able to afford the work needed to bring them up to a habitable standard – the National Empty Property Fund promises to end that problem at a stroke and should be warmly welcomed by the property industry.

“One of the major criticisms of the government’s Help to Buy scheme is that it risks creating a huge new housing bubble should demand for housing outstrip supply. But projects like the National Empty Homes Fund show how you can rapidly bring new properties to market with just a little innovative thinking and minimal investment.

“The scheme could save 50,000 badly-needed North East homes – and if that means breathing new life into run down communities too, it can only be good news for landlords who already own property in those areas.

“I’ve been calling for action like this for quite some time and had become very concerned that the empty homes bandwagon had rather run out of steam, so it’s good to see it back on the agenda.

“If you own a derelict property, my advice is to talk to a reputable lettings agent about how you might be able to use this fund to turn what could be an albatross around your neck into something which could make a profit for you and help meet your community’s housing needs.”

This was posted in Bdaily's Members' News section by Ajay Jagota .