A new analysis of statistics, undertaken by the team at CoverBuilder, finds that during 2016, there were 1,635 unoccupied houses in Penarth, South Wales, with a combined value of over half a billion pounds.
The figures, which have been published by Vale of Glamorgan Council following a freedom of information request from CoverBuilder, also indicated that in 2016 there were 759 properties which had been empty for at least six months.
According to property website Zoopla, the average house valuation price for Penarth is currently £310,165. When multiplying that figure by Penarth’s 1,635 vacant properties, this leads to the incredible figure of £507,119,775.
Property in Penarth has risen by £44,000 in the last 12 months, with the average price-paid between July 2017 and September 2017 at £317,412.
One example of unoccupied property, valued on the higher-end of the property market, is located on Plymouth Road and currently marketed by Hern & Crabtree for £1,000,000. The 5-bedroom semi-detached house has had a substantial refurbishment since its last purchase in October 2014, when it sold for just £110,000.
Although the figures may come as a surprise to some people, there are a number of logical explanations.
The team at Penarth-based specialist home insurance provider CoverBuilder, are reporting a large increase in the number of policies, UK-wide, for properties with no occupants.
Damian Downey of CoverBuilder said:
‘‘There are various reasons that people need insurance for an unoccupied property. Property may be acquired through inheritance, people moving abroad, second homes bought as holiday lets and investments.
“Whatever the reason for an empty home, it is essential for the owner to ensure their home insurance covers periods of unoccupancy over 30 days. Standard home insurance providers generally do not cover anything over this period and this is when problems can arise in the unfortunate event of a claim.
Through a separate freedom of information act request, CoverBuilder also identified that between 2011 and 2015 the population of Penarth grew 777, to 28,003. During this same period, there were 377 new homes built in Penarth, a new home for every other new person.
Penarth has been given the go-ahead for a £750,000 housing regeneration scheme in Windsor Road, labelled the ‘Gateway to Penarth’. The Conservative-controlled Vale of Glamorgan council will employ contractors to work on a number of residential houses by replacing windows and doors, cleaning brickwork, re-rendering, repointing and repainting house fronts, renewing guttering and repairing boundary walls.
There are 26,000 properties that have been vacant for over six months in Wales. The Welsh Government, Housing Associations and many others will no doubt be eager to get these properties back in use as soon as possible, as Wales looks to address the issue of its rising housing demand.
3 Months Ago, Monday, October 2, 2017, 10:35:48