Housing Situation in Thanet: An Analysis
Thanet is currently facing a shortage of homes. The obvious solution, building more properties, is unfortunately time-consuming and costly. So, what alternatives exist?
A client from Thanet recently suggested utilising the empty properties in the area. At first glance, this seems like an excellent solution. I had recently researched this topic, and I shared my findings with them, which I will now share with you.
The Empty Homes in Thanet
As per the most recent data from 2022, there are 2,474 empty homes in the Thanet Council area. This raises the question: why not reintegrate these homes into the housing system to alleviate the housing crisis in Thanet?
Interestingly, while these homes stand vacant, 1,551 families in Thanet are on the council house waiting list.
Across the country, the situation is similar. There are 1,206,376 families on council house waiting lists and 676,304 empty homes.
Leaving properties empty for years isn't morally right. However, a closer look at the numbers tells a different story.
Every October, each local authority must report every property that has been empty, even if just for a week. The reporting includes properties that are awaiting new homeowners or tenants, properties being renovated, deceased estates, and homes in the process of being sold.
Understanding the Situation Better
Out of the 2,474 empty homes in Thanet, only 866 have been empty for more than six months.
Many people often point out the empty council houses, yet only 31 out of the 866 long-term vacant properties belong to the council.
In reality, the number of genuinely long-term empty properties is just a fraction of the 62,200 properties in the Thanet District Council area. Even if we were to fill all these empty homes tomorrow, it would only meet a small fraction of Thanet's housing needs.
What Does This Mean for Thanet Homeowners and Landlords?
This scarcity of available homes helps maintain high rents and housing prices. This is favorable for landlords investing in buy-to-let properties.
High demand in the rental market and financial constraints on new council house construction lead to growth in the rental market. This encourages landlords to invest more in starter homes, further boosting property prices.
This cyclical pattern sustains the market. Sellers, driven by increasing demand, move up the property ladder, enabling others to purchase homes and continuing the chain.
These are indeed interesting times in the Thanet property market!
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