Residential News
Can Britain’s empty homes be returned to residential use?
Jon Clark, director of Touchstone says: “Two property issues of the moment are empty homes and the demise of the high street and there is actually an interesting link between the two. There is a real problem with a hidden seam of unused residential properties above shops in high streets across Britain.
“Whereas disused houses in edge of town estates or in rural areas can have a very local impact, unused residential properties in the high street can quickly create a ghost town. On our books alone we have around 1,500 residential units above shops that are currently unoccupied and that are owned by the retailers below or by the same landlord as the shop space. In the main these are non-core assets and, whilst some owners are actively seeking to refurbish or create new residential units the reality is that, for most, these units are some way down the pecking order for a company with a national portfolio of retail or leisure units, especially when the owner is not the superior landlord, and funds to undertake such projects may be limited.
“The current high levels of rental demand mean that there is a very real opportunity for landlords to invest in these units to secure a long-term income stream and the security of having residential units occupied. At the same time, this would not only help address the lack of suitable housing stock but also, to a degree, help provide CSR and carbon footprint benefits because high street tenants don’t need cars as much as out of town tenants do.
“The reinstatement of vacant units above retail or leisure premises also benefits the wider community. With enough town centre renters, trade can return to an area creating employment opportunities and help support local shops and traders which is very much on the Government’s high street review agenda at present and we would encourage Government support for those with the potential to help meet the current housing shortage.”
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