Council Support for Empty Home Owners
Posted on: 17 October 2017
There is over 600,000 empty properties across the UK. Not only are empty properties typically unsightly as their condition deteriorates over time, they also bring down the value of neighbouring properties and reduce the availability of local housing.
The Council’s Private Sector Housing team works with empty property owners to help them bring their properties back into use, and are using National Empty Homes Week 2017 to raise awareness of the available support on offer.
In partnership with not-for-profit lender Wessex Resolutions CIC, the Council provides subsidised loans for home repairs. This enables owners to either; rent their newly renovated property, put it on the market, or move back into it themselves.
Bringing an empty property back into use benefits the local community through the addition of new housing and can improve the look and feel of a neighbourhood. Derelict properties can attract antisocial behaviours such as vandalism and fly tipping.
Through the provision of loans, the Council is ensuring that funds for homeowners are sustainable, which means that every repayment goes back into the Council pot to lend to future homeowners.
Loans have a fixed interest rate and typical 4.2% APR and are subject to status. Missing future payments could affect your credit rating and ability to obtain credit in the future. Wessex Resolutions CIC may insist on loans being protected at the Land Registry by a Title Restriction.Posted in: Housing