Home owners shun funding to renovate empty homes for rental - loans now scrapped | Discuss

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Home owners shun funding to renovate empty homes for rental - loans now scrapped
11/08/2014
11:32 am
News @ Tenant Referencing
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£3m empty homes loan scheme scrapped

 
Home owners shun funding to renovate empty homes for rental 

The National Empty Homes Loan Fund, a government-funded scheme to bring empty homes back into use, has been scrapped because of low take-up by home owners.

Helen Williams, chief executive of Empty Homes, said: ‘We cannot proceed with alternative arrangements which would have involved an unacceptable level of financial exposure.’

The scheme offered owners of empty homes a loan of up to £15,000 to renovate their property to the Decent Homes standard and rent them out. 
The scheme was operated by charity Empty Homes with Ecology Building Society and administered though local authorities.

It was granted £3m from the Department for Communities and Local Government (DCLG) last year on the basis that 324 empty properties would be brought back into use within agreed timescales.

However, several councils have reported minimal or zero take-up and the scheme was scrapped last month.

Empty Homes concluded that the secured loan Ecology Building Society was offering for the scheme ‘was not suitable given the financial circumstances of the property owners’.

 

Source HERE

 

We discussed

2007 Home building targets have been missed by 162,746 – then we wonder why homelessness is growing Landlords cut empty homes by 7%

Should landlords who buy empty homes be exempt from stamp duty?

 

11/08/2014
8:58 pm
PaulBarrett
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This is outrageous that such funds have not been taken up.

Something must be done to stop these homeowners leaving these properties empty.

Perhaps DOUBLE council tax!

Perhaps CP if these homeowners refuse to bring the property back into use within a year.

13/02/2015
11:59 am
Phil Wheeler
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Funny this - all the councils I deal with me repeat the mantra - no loans, grants or empty property funding is available. They've repeated it so many times they've made it a reality.

Come off it - turn up to a property meet or advertise and someone will take action - perhaps there were too many hoops to jump through?

Let Sir Terry Wogan explain it - > http://www.mostpeoplesavemoney.co.uk

 

13/02/2015
9:38 pm
Patricia A
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First time i have heard of loans for empty properties. They do not advertise them. When i have tried to find out if some money is available its NON! 

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