Many authorities are now starting to charge landlords for empty period between tenants.
Empty property you own – did you know?
An empty property costs its owner thousands of pounds a year in maintenance, utilities charges, lost rent, council tax bills and reduced value if it is deteriorating or in an area where house prices are falling. It can cost even more if it causes a problem to neighbours.
An empty property is an asset that is at risk, and could have the following problems:
- Increased insurance premiums or companies refusing cover
- Ongoing Council Tax payments
- Risk of squatters and legal fees to remove them
- No rent
- Dilapidation whilst empty
- Increased risk of vandalism
- Increased risk of fire
- Boarding up costs
- Unnoticed leaks and damp penetration
- Ongoing security costs
- Ongoing neighbour complaints
- The value of empty properties depreciates rapidly, and there is a huge demand for housing