National loan fund set up to bring empty homes back into use

Published by 24publishing for 24dash.com in Housing and also in Central Government, Communities, Local Government

A new National Empty Homes Loans Fund - to be officially launched later this year - will offer low-interest loans to owners of vacant dwellings in a bid to help them bring the properties back into use. 

The loans fund was one of the demands of Channel 4′s “Great British Property Scandal” campaign led by architect and independent Empty Homes Adviser George Clarke.

It will be jointly run by independent charity, Empty Homes, and a building society - and has been made possible by a grant from the Department for Communities and Local Government’s Empty Homes Community Grants Programme.

Although details are not yet finalised, low interest loans are likely to be available up to £10,000 per home. Larger loans may also be available at a higher interest rate. The fund aims to return more than 300 empty homes to use in its first three years.

Government empty homes loans funds have already been announced in Scotland and Wales and this fund will operate across England.

George Clarke said: “This is a really exciting development because it marks the point at which the campaign begins to deliver real change to start ending the scandal of empty homes.”  

David Ireland, chief executive of charity Empty Homes - which will jointly run the fund - said: “This is fantastic news; the loans fund will help ordinary people and property owners get homes back into use for people who need housing. The fund will recycle loans, meaning it will be able to operate long into the future and bring many hundreds if not thousands of empty homes back into use.”

Communities Minister Andrew Stunell said: "The number of empty homes in this country is a national disgrace – for every two families that need a homes there is one standing empty. Empty homes bring down a neighbourhood and attract vandals and fly-tipping, as well as being a waste of much needed housing. I’m delighted to see this loan fund announced today that will bring these houses back to life and offer familes a chance of a stable and secure home.” 

The total number of vacant dwellings in England now stands at 720,000 down from 737,000 a year ago.