Vacant homes across region worth £16bn, claim experts

15% rise in number of empty properties in city to 12,000

TENS of thousands of empty properties, worth a combined £15.8 billion, are lying empty across the West Midlands, according to new analysis.

Research by Birmingham-based lettings and estate agent Barrows and Forrester has found that despite a house price boom driven by increased buyer demand and a lack of available stock, there were 70,024 vacant homes in the region – a rise of 5.6 per cent on the previous year.

In Birmingham alone, it calculates there are 12,654 empty properties – up 15 per cent from 12 months ago – worth £2.6 billion.

Solihull and Bromsgrove have also seen a rise in the number of empty homes, up 1,355 and 1,033 – 13 per cent and 12.9 per cent – respectively.

In Sandwell, the number of empty homes stands at 4,262, an increase of 12.5 per cent on the previous 12 months, while in Walsall there are 2,210 vacant properties, up 10.2 per cent.

Dudley saw a marginal increase of 0.9 per cent, with 3,478 empty homes and the number fell in Wolverhampton by 0.7 per cent to 3,430.

James Forrester, managing director of Barrows and Forrester, said: “The West Midlands property market has boomed over the last two years and we’ve seen some of the highest rates of house price growth across the nation at times. Birmingham is one area helping to drive this growth and it has well and truly cemented itself as the UK’s second city.

“Extensive regeneration is drawing people from far and wide to come and live and work here and this population growth and a lack of available housing stock is pushing property prices ever higher.

“So it may come as a surprise to many that the city is also home to such a large level of vacant homes. There will be a range of reasons behind why these homes are empty and some may already have been earmarked for redevelopment.

“However, it’s vital that we utilise all Birmingham’s available property stock to ensure the future growth of the city

It’s vital we utilise all property stock to avoid a Londonstyle property market James Forrester

while avoiding a London-style property market, where home ownership is the preserve of the rich and locals are forced out due to a lack of affordability.”

Across Great Britain, the agency estimates there are 735,095 homes worth about £200 billion sitting empty, up 2.1 per cent on the previous 12 months.

The agency analysed government data across the country and calculated the average values to reveal how much these empty homes are worth in current market conditions.

With 665,628 vacant residential properties, England has the highest total value, worth an estimated £190 billion in the current market.