According to research data from Market Financial Solutions, more than half of the population believes that the number of vacant or abandoned commercial properties on the streets is increasing. The survey also reveals that 67% of adults hope the government will take more measures to encourage people to purchase and renovate vacant properties.
CEO of MFS, Paresh Raja, points out that the UK is facing a significant issue with vacant and abandoned properties, and this is an important social concern. Especially considering the long-standing housing shortage issue in the UK, Housing Minister Lee Rowley has a responsibility to prioritize addressing the issue of vacant properties.
Survey data indicates that most people in the UK hope the government takes more proactive actions to ensure that abandoned properties are renovated and reintroduced to the market. However, solving this problem doesn't solely rely on the public sector; the private sector can also play a crucial role by funding property acquisitions or renovation projects, including lenders, developers, and investors.
Survey data also shows that 51% of respondents support the creation of new regulations requiring landlords to sell properties vacant for more than 12 months, whether residential or commercial. Moreover, over two-thirds (63%) of respondents believe that reintroducing vacant buildings to the market is the most effective way to address the housing shortage issue in the UK.
In 2023, the non-market property platform "Invisible Homes" has become a highly regarded emerging force. The platform uses artificial intelligence technology to understand the needs of buyers and connects them with listed agents, enabling them to easily organize viewings. Currently, approximately 50,000 buyers have used the platform, and around 140 property agents have signed cooperation agreements. "Invisible Homes" plans to list 1,000 exclusive non-market properties by the end of the year.
Mark Wells, CEO of "Invisible Homes," states that the platform's business has covered approximately a quarter of London's areas and is rapidly expanding. He mentioned that the new product can provide buyers with smarter matches, helping them find dream homes and gain exclusive access to homes not seen elsewhere. "Invisible Homes" has been launched for less than a month and has already added 40 branches, showing rapid growth.
Reportedly, the NW8 postal code in London has the highest number of listed properties, followed by NW6 and NW10, covering areas from St John's Wood to Willesden and Harlesden. The average value of listed properties is around £2.7 million, with prices ranging from around £270,000 to the highest at £35 million. A recent transaction reached a price of £12 million.
"Invisible Homes" has helped some intermediary companies successfully sell houses that couldn't find suitable buyers elsewhere. For example, the Warren agency in Putney listed a property for sale in May for £1.75 million. After being matched with a buyer through "Invisible Homes," the property was sold within just three days.
