Think twice before tackling a derelict property

There are 840,000 empty dwellings across the UK. At first sight, renovating these properties seems like the perfect answer to housing shortages. Yet most are empty for good reason.

If you believe reports appearing over the past year in newspapers and Government press releases, Britain is on the verge of a housing crisis. The shortage is so dire that Gordon Brown even wants to build on flood plains.

Yet a new report from Halifax shows that there are almost 290,000 houses standing empty across England, a figure that has fallen by just 6% since April 2003, despite the property boom.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.