There are a number of situations where homes remain empty. It could be the owner struggles to find tenants or does not have the funding to make critical repairs. In some cases it can be a choice to keep them vacant. Whatever the case, councils across the UK are doing more to try to bring these properties back into use. As one of the leading providers of guaranteed rent in Redbridge, we want to take a look at what the local authority is doing here.

Investigations

Councils can investigate long term vacant properties in their jurisdictions. They can then use a number of powers to bring them back to use. In 2022 Redbridge Council investigated hundreds of homes that had been empty for more than 12 months. They were successful in bringing 91 back to occupancy.

The council also asks locals to play a part here. They want people to identify potential properties that are long term empty and notify them. They can then take action. Locals can look at things like signs of neglect, dereliction, and vacancy. It is then easy to contact the local authority and they will look into it.

Grants

Property owners can actually go to the council themselves to get help with bringing properties back up to standard. There is funding available in a few different situations.

One particular grant here will be very interesting for investors. If they have a property that has been empty for over six months, they could apply for up to £40,000, depending on the number of bedrooms, to renovate it. The only catch is the owner must then allow Redbridge Council’s Housing Service to place tenants in the property. But, that an be rewarding in its own right.

The Council also offers a grant for people looking to renovate a home they plan to live in. The rule here is it must have been empty for more than five years. They can then apply for funds to help modernise it so it is inhabitable for the owner.

Council tax

Sadly there are some situations where it is extremely tricky to bring properties back into use. For example, the council may be unable to identify the owner so they can’t proceed with action. In some cases the owners may refuse any of the options presented to them. What can happen here is the local authority can charge a premium council tax rate. For properties that are vacant for more than 10 years, it can be 300%.

Guaranteed rent in Redbridge

This is also another fantastic option that can help investors. The service makes it easier to find tenants because it will become the Council’s responsibility. Rental income will be guaranteed, even if there are periods where properties are vacant. However, these vacancies are unlikely to last long at any moment. So, it can be great for ensuring occupancy and cash flow.

We have a lot of experience with these rent guarantees. In fact, we are one of the leaders in London. We have relationships with lots of local councils and work to deliver the best solutions for all sides.

So, if you want to explore guaranteed rent in Redbridge, you can contact us. We have all the information you could need, and can recommend a service to suit your situation.