Housing shortages are a major issue in London. One thing that makes the situation even harder is the number of intentionally vacant homes. There can be several reasons for this, including investors buying them as assets and a store of wealth rather than a residence. Some only live in the area for a small part of the year. Local councils are looking to tackle the issue to boost supplies. As a leading provider of guaranteed rent in Westminster, we want to look specifically at new plans here.

The issue

According to the latest data, between 2021 and 2022 there were 1,150 long term empty (LTEP) homes in the borough. This was a 123% increase.

However, there are fears that the true number could be even higher. At the time the council relied on self reporting, asking owners to tell them if properties were vacant. As a result, there could be many that went unreported.

The new plan

In response to the problem, Westminster City Council is planning to empower locals in the area. They want to establish a hotline people can call to report vacant properties. They want to know about any homes that are empty for six months of the year or longer.

The council will then take action following any reports. Here they can use different powers to encourage owners to make empty properties available to rent. Offering guaranteed rent in Westminster could be a great option.

In addition, the council will appoint an empty property officer. It will be their role to explore why homes in so many prime locations are empty for long periods. This is important in Westminster because there are several high profile areas, including Grosvenor Square (the second most valuable street in England), Knightsbridge, and Belgravia.

Finally, the council will look to dissuade people from buying holiday homes. They want people who purchase in the borough to have their main residence here instead of a home they only use periodically.

Overall, the aim is that the new plan will reduce the number of LTEPs. That in turn will bring more homes back into full time occupancy and boost the communities.

Do you want guaranteed rent in Westminster?

A great way to ensure the occupancy of properties is to choose a service with us and a local council. What happens here is you give the authority the power to choose tenants to live in the home. They take responsibility for the tenancies, including vetting and ensuring they will be able to pay the rent. In addition, they look after property management and more. In return, you get a stable rental income for as long as you want it.

If this sounds like the perfect service for you, we can help. Our broad experience of guaranteed rent in Westminster and other parts of London can make everything easier for you. We can then offer ongoing assistance. So, contact us if you want to get started.