Yorkshire Building Society is pressing the Labour Government to fundamentally reconsider its approach to tackling the housing crisis, arguing that repurposing existing spaces could deliver far more homes than current plans.
The mutual's research suggests more than 2.5 million properties could be created by converting vacant buildings and unused land across the country in a plea to Housing Minister Steve Reed.
This figure significantly exceeds the Government's target of constructing 1.5 million new homes. The society maintains that transforming what already exists represents a swifter, more affordable and environmentally friendlier solution than depending primarily on fresh construction projects.
Families seeking accommodation and first-time buyers facing affordability challenges require immediate action, the organisation argues.
Yorkshire BS is urging the Government to course correct on housing
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The analysis identifies 748,000 vacant properties across Britain as the most immediate opportunity for conversion.
Commercial premises offer substantial additional capacity, with mothballed offices potentially yielding 89,354 dwellings, abandoned retail units contributing 36,923, and disused factories and warehouses providing a further 150,769 homes.
Brownfield locations, including former railway lines, represent the largest single category with scope for up to 1.48 million residences.
Historic buildings could accommodate approximately 615,000 households, whilst redundant government and NHS premises might deliver 130,000 more.
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Tom Simpson, managing director of homes at Yorkshire Building Society, emphasised the stark financial contrast between approaches.
He said: "New builds cost hundreds of thousands of pounds per unit, while refurbishing existing homes can cost as little as £20,000. It's also quicker and better for the environment."
Mr Simpson described the current housebuilding target as ambitious but unlikely to satisfy pressing demand from families and those purchasing their first property.
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"Every £1 invested in bringing empty homes back into use adds £4 to local economies," Mr Simpson noted, adding that such investment revitalises communities and helps address crime.
Planning obstacles remain a significant impediment to realising this potential, with restrictive change-of-use regulations capable of delaying projects by six to twelve months.
"Planning rules must evolve further to unlock the potential of disused offices, shops, industrial buildings, empty homes and public sites, disused historic buildings, car parks and land," Simpson stated.
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