New research indicates that up to 700,000 homes are lying empty across England and they are priced below the national average.
The researchers from Halifax also found that approximately 100,000 households in England are living in temporary accommodation.
The area with the greatest number of empty homes is the north-west of England, which contains 4.2 per cent of total stock of empty homes.
It is the only area to see an increase in empty homes in the last five years, although only by 0.8 per cent.
Tim Crawford, group economist at Halifax, said: “While the number of empty homes in England has been trending lower over the past five years, a significant number of properties are still vacant.
“Apart from the social benefits of bringing empty homes back into use, house prices tend to be lower in areas with a high number of empty homes.”
Up to 23 local authorities (LAs) in England were found to have 5 per cent of houses empty and the average discount on house prices compared to the national average was found to be 22 per cent.
However, these areas were also found to have a higher than average unemployment rate while wages were lower than the national average.
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