According to recent research from Admiral, there are at least 341,419 empty properties across Great Britain that have been vacant for at least 6 months. For context, that is a shocking total of 10.6 empty properties in every thousand - with a total value of £10.5 billion.
Greater London accounts for a large proportion of this number, with 24,677 long-term vacant properties in the capital alone. For landlords of commercial, residential, or industrial property, these high numbers are cause for concern. Especially as back in 2016, London only had 19,845 vacant properties. Meaning that, in the span of 4 years, London has acquired nearly 5000 new vacant properties.
In the same year, government statistics have reported that in 2021 over 165,000 Londoners are living in temporary accommodation (a figure that has doubled over the past 10 years). Additionally, a further 11,000 people have been reported as rough sleeping in the capital by homelessness charity, Crisis. With London vacant property numbers and homelessness numbers rising in tandem – something needs to be done.
While there is no quick fix to solve the London vacant property crisis, the actions we take in the short term could seriously help to reduce the negative impact we see in our communities day-to-day. This is where property guardianship comes in.
Photo by David Mitchell on Unsplash
Property Guardianship is a flexible vacant property guardian security solution that puts the needs of the landlord and the community side by side. The aim of the scheme is to temporarily repurpose vacant properties into affordable accommodation while the landlord finds a new use or tenant for the space. Through various steps and processes, the vacant property is then protected and maintained at zero cost to the landlord while utilizing the much-needed space.
As opposed to traditional methods of security, such as CCTV and guards, property guardianship was introduced to try and help our communities by tackling the London vacant property crisis head-on.
Here is how the scheme, which is now a popular choice amongst landlords looking to secure and maintain their property, is successfully supporting local communities to help tackle the negative effects of the vacant property crisis.
Provides Affordable Housing Alternatives
The property guardian scheme provides affordable housing alternatives to guardians who are looking to live in prime locations. The guardians, who are often post-grads, key workers, creatives, or working professionals, pay a small amount of ‘rent’ in the form of a license fee that contributes to the upkeep of the space. This fee tends to be 50-60% cheaper than market level rent, giving young creatives and flexible workers the opportunity to find affordable housing in the heart of the city.
Guardians, who are not the same as tenants, have flexible contracts in their capacity as licensees. Although not suited to everyone, the flexibility of the arrangement means that the guardians are in a position where they can tailor their living arrangements to their lifestyle. Perfect for travelling yoga teachers, or locum healthcare professionals. This flexibility invites valuable young workers into communities where they can help contribute to local economies.
Photo by Kai Bossom on Unsplash
Keeps Vacant Properties Well Maintained
When properties are left empty or vacant for long periods of time, they often become messy, damaged, and sometimes even fall into a state of disrepair. If this is allowed to happen, a chain reaction starts whereby the vacant property provides the perfect cover for criminal behaviour, such as vandalism, fly-tipping, or squatting. This ends up increasing crime rates, lowering property value, and contributing to an increase of vacant property numbers as residents and tenants start to move away from the area.
However, when vacant buildings are secured with property guardians, the property remains well maintained for the whole duration it is between permanent tenants. With Blue Door, guardians make regular maintenance patrols to ensure that the property’s value is protected during its period of vacancy. The guardians also deter vandals and criminals, helping to prevent any increase in crime rates. This all contributes to the ease of re-letting the property, therefore minimizing the vacant property ratio in a local area.
Photo by Pawel Czerwinski on Unsplash
Avoids Property Demolition
According to Admiral, sadly 3031 vacant properties were demolished across Great Britain between 2017-2021.
This is because there is a common belief that it is cheaper to demolish long-term vacant properties than to manage them. When using traditional methods to protect and secure a vacant property, landlords can find themselves paying over £10,000+ a year on security and maintenance costs. For vacant properties generating no income, this can become an unmanageable cost for landlords. Leaving property owners with no choice but to demolish the property.
However, with Blue Door Property Guardians, vacant property protection costs the landlord nothing. This is because the cost of maintaining the property is covered by the small license fee paid by the guardians. While still affordable to the guardians, this solution makes vacant property maintenance accessible and sustainable to any landlord in the current economic climate.
Photo by Gary Butterfield on Unsplash
By utilising the property guardian scheme to protect our vacant spaces, we can minimise the number of demolitions and long-term vacant properties. Although the scheme can only be a temporary solution to a growing problem, property guardians are known to help lower crime rates and protect property value in order to support local communities. By making sustainable and community-focused choices about how we manage our vacant properties today, we can help to reduce the long term damage being caused by the property crisis.
If you are a landlord or property manager with vacant property on your hands, then you can learn more about the scheme here, or get in touch today to learn more about how Blue Door Property Guardians could help you protect your property while supporting the community.
