Empty properties - advice

Empty homes often fall into disrepair which, if left unattended, can become very costly to rectify. They are a financial drain and a drain on local resources, especially if they attract crime and vandalism. Most importantly, they are a missed opportunity to raise an additional income.

A typical two-bedroom property in Hinckley could be costing you the following each year:

• Loss of rental income £10,200 based on an average rent of £850 per calendar month
• Council tax charges £1,690.70 (for a band B property in Hinckley)
  • If the property has been empty for two years or longer the council tax charge is doubled
  • If the property remains empty for 5 years or longer the council tax charge is increased to three times the standard charge
  • If the property remains empty for 10 years or longer the council tax charge is increased to four times the standard charge
• Gas standing charge 31p per day for 365 days: £113.15 (standard tariff figure)
• Electric standing charge 56p per day for 365 days: £204.40 (standard tariff figure)
• Insurance £650 (approximate – some insurance companies will not insure long term empty properties)

That’s a potential total loss of £12,858.25 per year on a two-bedroom property in Hinckley, but potentially £17,930.62 if a property has been empty for ten years or more. This does not take into account potential costs for repairs.

Empty properties can also increase the likelihood of property fraud, where criminals use an empty address to raise financial credit and run up debts against the property.

Last updated: 11/03/2024 15:29:56