Latest News

Empty properties: Summary Fund

A recent study by the London School of Economics (LSE) showed that there are more than 200,000 long-term empty homes in England worth more than £43 billion. The study was commissioned by the Mayor of London as part of an overall research into the number of oversea buyers in London.

According to research some 19,845 homes sat idle for over six months in the capital in 2016 and collectively would be worth £9.4 billion at the average market price.

It is estimated that there are around 180,000 people on the housing waiting list at any time in London. Due to a lack of social housing, authorities typically are spending an estimated £500m to house people in hotels and B&Bs.

Our fund has been launched specifically to bring empty properties back into use for the use of social housing. Cromwood Social is part of the overall Cromwood Group which consists of Cromwood Housing and Cromwood Development. The Group’s core business is the provision, maintenance and overall management of properties they make available to local authorities and the Home Office for social housing.

 

£2.5m Empty Property Resurrection Fund

The fund has been designed to refurbish or acquire long term empty properties with a view to increasing the number of properties available for social housing in London. The delivery of this fund will be in conjunction with local authorities in London. Examples of what the funding can be used for are:

  • Refurbishing residential empty properties
  • Commercial properties that can be converted into flats or homes
  • Acquisition of both residential or commercial empty properties

The funding is part of an overall package of services to the owner(s) of empty properties including access to panel of contractors, surveyors, project managers as well as legal expertise to resolve matters of Title or Estate Administration.

You can download the fund brochure here:  Empty Property Resurrection Fund Brochure