BOURNEMOUTH has the second highest number of vacant homes outside London at a cost of nearly £3 billion, a study has revealed.
Looking at the number of vacant homes in Bournemouth (7,213) and comparing this to the average house price in the city (£414,624), CIA Landlord's study determined that the average cost of vacant homes is nearly £3 billion.
The study suggests Bournemouth has the second most costly number of vacant homes in the UK and the most outside of London.
Due to London’s vast size, there are a total of 87,731 vacant homes making it the top city in the UK for the costliest number of vacant homes.
With London house prices averaging around £1.49 million, the cost of vacant homes in the capital is approximately £130.8 billion.
The study by CIA Landlord Insurance looked at the UK housing crisis and the increasing number of empty homes, analysing the impact that inhabiting vacant homes could have.
This is in response to the high demand in properties within the UK as well as house prices being exacerbated due to the number of vacant homes in the UK.
Read the study here: https://www.cia-landlords.co.uk/news/vacant-homes-and-their-impact-on-the-housing-market-crisis/
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