Help available to get empty homes back into use
Published: 28 February 2022
With over 230,000 homes lying empty across the UK, Empty Homes Week is a national campaign raising awareness of the impact of these homes, and how to take action.
There are many reasons why people leave homes empty, and the issues can sometimes be complex, costly and timely to resolve.
One common problem is the cost of repairs to make homes habitable, particularly where a project has run over-budget and the owner does not have access to cash to complete the works.
This is where the Council may be able to assist. Working in partnership with Lendology CIC, a social enterprise lender providing finance packages to a wide range of homeowners, the council have invested funds to be lent via this unique loan scheme.
Over the last 15 years, Lendology have lent over £17million to homeowners across the South West, for home repairs, improvements, energy efficiency or renewable energy measures, and bringing empty properties back into use.
Over £10million has been repaid, which is returned to each local council’s funding pot to be re-lent again, creating a recycling funding pot.
With empty properties, Lendology recognise that many people will need to complete the project before being able to make monthly repayments. Their deferred loan option of between 6 months to two years gives owners the space to rent, sell or move into the property before monthly repayments commence.