Southwark emerges as London’s top borough for vacant properties, with a staggering 5,143 homes unoccupied in 2023. This figure underscores a widespread issue across the capital, where the combined value of these dormant assets is estimated to reach a jaw-dropping £50 billion. SBA Property Management’s latest analysis paints a vivid picture of a city teeming with potential homes, yet plagued by a shortage in housing supply.

Southwark at the Forefront

Leading the pack, Southwark’s vacant properties are not just numerous but also hold considerable value, estimated at £2.77 billion, ranking third among London boroughs. Despite housing top attractions such as Borough Market and the Tate Modern, alongside a vibrant array of dining and nightlife options, Southwark faces this paradoxical situation. The central London proximity of these attractions highlights a missed opportunity for residential living in one of the city’s most desirable areas.

The Major Contributors

Southwark is not alone in this scenario. Barnet, Camden, Croydon, and Newham also report high numbers of empty homes, contributing to London’s extensive property void. These boroughs, alongside Southwark, account for a quarter of the capital’s total vacant property value, spotlighting a citywide challenge.

A Call to Action

Habib Mogul, a director at SBA Property Management, emphasises the critical impact of these empty homes on London’s housing market, “Empty homes continue to be a major obstacle for London’s housing supply, but we have recently seen an increase in efforts to get vacant properties back on the market and unlock the £50 billion tied up in empty homes across the city. Local councils will soon be able to impose heavier premiums on properties that have been vacant for a year or more and there may be more regulatory changes to come. It will be interesting to monitor the impact of these changes. Should they succeed in encouraging owners of long-term vacant properties to sell or rent, there may be lots of opportunities for property investors and property managers.”

Borough Highlights

• Barnet sits uniquely, bridging the bustling city life and the serene Hertfordshire countryside. With projects like Brent Cross Cricklewood, the borough is a hub for new job creation and investment opportunities.
• Camden stands out with its vacant properties valued at £3.5 billion, second only to the opulent Kensington and Chelsea. Known for Camden Market and iconic music venues, its mix of urban charm and green spaces makes it an attractive but underutilised residential area.
• Croydon, recognised as a key commuter hub, combines accessibility with a dynamic local scene. Despite being the outer borough with the fourth-highest number of vacant homes, its appeal to investors is evident through its amenities and transport links.
• Newham benefits from the legacy of the 2012 Olympic Games, offering proximity to central London and the Thames. Its considerable number of vacant properties represents untapped potential in a borough on the rise.