Estate agent comparison site, GetAgent.co.uk, reports that vacant homes across England are valued at £194.3 billion in the current market.
By analysing Gov.uk data on the level of dormant dwellings found across each area of England, the comparison site was able to establish how the level of dormant properties has changed yearly.
Vacant dwellings across England
With 653,025 homes classified as vacant in England and the average home currently valued at £297,524, the total value of vacant properties is £194.3 million.
On a regional level, the North East has -6% fewer vacant homes compared to the previous year. While London has seen a 9% increase in vacant homes.
Properties in the capital have the highest average house price as they are valued at around £523,665, making it the region with the highest value of vacant homes at almost £46 billion.
Kensington and Chelsea have the highest total value of vacant homes at £4.4 billion Yet with 12,585 empty properties across the area. The GetAgent findings reveal Birmingham is home to the highest volume of vacant homes.
Co-Founder and chief executive officer of GetAgent.co.uk, Colby Short, commented: “Coincidental, perhaps, that such a sustained period of property price growth has also coincided with a fall in the number of empty homes found across England."
"In fact, London is the only region where this level of empty properties hasn’t fallen and it’s also the only region where property price growth has been largely stagnant over the last two years."
"But while it seems as though some have decided to cash in while the price is right, there remains a substantial number of properties lying dormant across the market. Homes that could go some way in satisfying the nation’s hunger for homeownership.”
In the North East where this total market value is at its lowest, vacant homes still account for a notable £6.3bn.