512 empty Rutland properties vs. 271 people on Rutland council waiting list

Problems like Oakham’s housing crisis, where we have a rudimentary numerical problem of too few homes for too many people, is clearly to build more property in Oakham. 

Unfortunately, for those desperately seeking to purchase or let a property, takes a long time and huge amounts of money.

So what of other solutions?

Whilst at supper with friends recently, the subject of property was mentioned (as I am sure it does at most get-togethers up and down the country). Normally someone always mentions empty properties as the solution to the problem. On the face of it, it seems so obvious. Now quite interestingly, I had recently done some research on this topic, which I want to share with you (as I did with those around the table).

The most recent set of figures from 2015 state there are 512 empty homes in the Rutland County Council area. So it begs the question ... why not put them back onto the system and help ease the Oakham housing crisis? Whilst they stand empty, 271 Rutland households (not people – households) are on the council’s ‘Waiting List’ for council houses. Surely, we can undoubtedly all agree that property left empty for years and years isn’t morally right with the burgeoning council house waiting list, not to also mention the issue of homelessness.

But a different story emerges when you look deeper into the numbers. Of those 512 homes lying empty, only 179 properties were empty for more than six months. The local authority has to report a property being empty, even if it’s for a week. So many of the Oakham properties are either awaiting new homeowners or, in the case of rental properties, new tenants. Also most certainly, some properties are being refurbished and renovated, while others properties have homeowners who are anxious to sell but cannot find a buyer.

The fact is that the number of genuinely long term empty properties is only a tiny drop in the ocean of the 15,002 properties in the area covered by Rutland County Council and, even if every one of those empty homes were filled with happy cheerful tenants tomorrow, it would only meet a small fraction of Oakham housing needs.

So what does this mean for all the homeowners and landlords of Oakham?

Well it means with demand being so high, especially for rental properties, the certainty of the rental market growing is an inevitability because young people cannot buy and councils don’t have the money to build new council houses. This in turn bolsters property prices as landlords continue to buy at the lower end of the market (starter homes, etc.,), which in turn sustains the rest of the market as those sellers move up the property ladder, releasing others in turn to buy on again.

These are interesting times in the Oakham property market!

If you have a property you would like to discuss, or if you are unsure of its current market value, please contact David Crooke, managing director UPP Property Agents on 01780 484 554.

Visit www.rutlandandstamfordpropertyblog.co.uk for local property market advice & opinion.