Mansion Global Daily: More Than 5% of U.K. Homes Are ‘Truly Vacant’

5.5% of U.K. Homes Are ‘Truly Vacant’

According to the Office of National Statistics, 5.5% of homes in England and Wales are classified as “truly vacant.” These empty residences amount to 1.5 million properties—a figure that calls into question the current property tax system, as it represents eight times the number of properties labeled as “second homes” (172,800). Analysts contend that the current stamp duty system may be preventing transactions involving such vacant properties, whereas an ongoing tax on such homes would encourage owners to bring them to market. London is home to the highest portion of unoccupied homes at 8%, with 91.6% of those homes being vacant and 8.4% serving as second homes. PropertyWire

Brisbane Home Breaks Record for Most Bidders at an Auction

A no-reserve auction—meaning any bid was accepted—in the Brisbane suburb of Logan has broken the record for most bidders on a home after attracting over 160 registered participants, as well as more than 500 spectators. The “unliveable dump” on Billabong Drive in Crestmead finally sold for A$494,700 (US$315,094), after bidding began at A$1. Property agent Cory Boyd expected interest for the unique home but did not anticipate that it would be a record-breaker for bidders. realestate.com.au

Hong Kong Home Supply Hits Record High

The Hong Kong Housing Bureau estimates that the city’s volume of new private homes has reached 107,000 units—a record high for the city. Potential supply of first-hand private residential units has risen by 12,000 properties year on year, as would-be buyers have remained on the sidelines amid elevated interest rates and turbulent economic times in the region. The estimate’s total, 107,000 units, is the most recorded since the figure began being forecasted in 2004. South China Morning Post

Dubai Rents Up More Than 27%

Residential rents in Dubai rose 27.2% year over year in the third quarter, with villa rents notching a 38.7% increase over the same time period. Despite strong annual growth, and elevated demand, rental prices in the city do appear to be softening. In the year to September, Dubai saw average residential rents increase by 20.6%, a drop from the 21.7% recorded in the year to August. Khaleej Times