The FT confirmed once again last week that the number of buy to let properties being abandoned is on the rise.
Figures from the Empty Homes Agency show the number of empty homes in England rose to 697,055 at the end of 2008, up from 672,924 at the end of 2007 – the biggest annual rise for 17 years. And as if that is not enough they further predict that things are going to get much worse.
They predict that empty homes will reach 1 million by the end of this year. With a number of landlords just handing back their keys after deciding they cannot afford to keep the property on.
Chelsea Business Society waded into the debate to give us some much needed perspective though with a spokesman stating “Exact numbers are confidential but in 2007 there were less than 25 for the total year and for 2008 we experienced an upturn of approximately two times this number.
“Against a backdrop of approximately 95,000 loans, this is something which does not give cause for concern.”
Thank goodness for someone giving us other than gloomy news.
