Costs of keeping an empty property

Do you have an empty property?

You could be left counting the cost.

Empty properties don’t just blight the neighbourhood - they can also leave the owner around £12,000 out of pocket year on year.

Charges and lost income from a property vacant for over 2 years may include:

• £3,648 in Council Tax - In 2022/23 Council Tax on a Band C empty property is £1,824 plus an additional 100% long term empty property premium gives a total Council Tax bill of £3,648 per year. A property vacant for over 5 years pays a premium of 200%.
• £6,582 from lost rental income - Using Local Housing Allowance rates for a typical 3-bedroom property gives a lost potential income of £6,582 per year.
• £1,000 for work in default - The potential for work carried out for failing to comply with notices served by the Council including securing the property and refuse removal could mean a liability of £1,000.
• £500 in insurance premiums - Leaving a property empty for more than 30 days poses more risk to insurers and therefore higher premiums. Building insurance costs an average of £230 in 2023 but with additional premiums cost is likely to be up to £500 per year.
• £270 in utilities charges - Standing charges for maintaining supplies even if there is no usage, giving an annual cost of £270.