£15bn worth of London homes lying empty

Homes worth a collective £15bn are lying empty in London, according to new data gathered by insurance firm Admiral. London has made a name for itself as a destination for ultra-wealthy buyers to snap up prime real estate as assets and holiday homes, while prospective homeowners squabble over a reduced supply. “It is, of course, worrying to see that so many houses are sitting empty and unused across the country, especially as in 2020, more than a quarter of a million people in England alone were placed in temporary accommodation amidst the COVID-19 pandemic,” head of Admiral, Noel Summerfield, said. He added: “Beyond that, this also impacts on the housing market as a lack of supply, can result in low affordability for people looking to get on the housing ladder.” Some 29,242 houses have been left unoccupied for at least six months in the capital, with Southwark being home to the highest number of long-term empty properties, according to Admiral's Freedom of Information (FOI) request.

City A.M.