How can the government use the 762,000 empty homes in the UK?
As repossession levels look set to hit record levels across the UK there is concern that over 762,000 UK homes are empty and unused at this moment in time. The figure contains a number of repossessed properties and those which have been built but not sold. However, there is some debate as to how the government could legally and morally make use of these empty properties in these troubled times.
It would seem unlikely that the UK government would acquire a large proportion of these homes, as seen in other parts of the world, due to the massive cost and the lack of funding available. Whether housing associations could become involved in acquiring properties which are currently empty or arrange short-term leases is something which could merit consideration. There is also some debate as to whether the UK government can force the owners, which may be housebuilding companies or the banks, to open the properties up to the general market and people who may be homeless or struggling to survive.
There are some potential uses for these homes and it will be interesting to see how the government takes on this challenge at a time when repossession figures are set to soar and UK homeowners come under more and more pressure.
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