No Use Empty, the initiative which is helping to bring empty properties in East Kent back into use, has approved over £1 million of interest-free loans to home owners across the County. These loans have helped the owners to renovate almost 100 empty properties in two districts (Dover and Thanet) alone, thus creating scores of new family homes in these areas.
No Use Empty is a partnership between Kent County Council and the District Councils to combat the ongoing problem of empty housing through a joined-up approach. The issue of empty housing is particularly topical at a time when the current economic climate makes it very difficult for individuals to borrow money from financial institutions.
Max Dale, the owner of an empty property 24 High Street, Margate, has used the loan to carry out major renovation works on his property which will provide 4 new homes. The units had previously been vacant for several years. The work is expected to be completed this month at which point the units will be placed on the market for rent, bringing them back into use. The expenditure on the project was approximately £330,000 of which £100,000 was provided through the No Use Empty campaign.
Kent County Council has committed a £5 million revenue fund to provide financial support to owners of empty properties to help them pay for necessary renovations required to bring them back into use. Research shows that the cost of renovation works is one of the biggest obstacles to bringing empty homes back into use and the loan scheme is a very tangible solution to unlock the problem.
The loan scheme is intended for any owner of an empty property, or someone who is considering buying an empty property (if the property has been empty for 6 months or more). They can apply for an interest-free loan of up to £25,000 per unit to a maximum of £175,000, which is made as an up front payment. Loans will also be considered for applications to convert commercial properties into residential accommodation.
Kent County Council Cabinet Member, Kevin Lines, said: “The enormous success of the loan scheme highlights just how critical the issue of empty housing is in the County and how the No Use Empty partnership is needed by residents to tackle the problem. We’re so pleased we have been able to assist people in giving a new lease of life to so many empty homes, and hope that many more can benefit in the future.
In total we have spent £1.1 million to date on interest-free loans bringing properties back into use, with many more in the pipe-line. Coupled with private sector leverage means that total investment in relation to reinstating homes across Kent reaches almost £4million. We expect this figure to increase dramatically now that the initiative has recently been rolled across the whole of Kent.”
Max Dale, a property owner and beneficiary of the loan said: “The loan we have received from the No Use Empty campaign has made the difference between the house falling into further disrepair, and turning the property into a new home. With No Use Empty’s support we have been able to rescue this house and we would encourage other owners of empty properties to make the most of this scheme and apply for a loan.”
Empty property officers at the District Councils are working hard to ensure similar help and advice is available to property owners across East Kent. If you would like to discuss this further please call the No Use Empty hotline 08458 247605