A new report released by www.closedpubs.co.uk has stated that pubs have been closing at a rate of 100 per month nationwide. The majority of pubs for sale are being redeveloped into residential properties. The closedpubs website has up to 18,000 offers for various pubs in the UK region.
Potential properties listed on the website included a three bedroom Victorian built house with a garden in the close proximity of Richmond Park and the River Thames. Average properties in the area have an asking price of £1million; however this old pub is being sold for £425,000. This gives property investors a great opportunity to profit and benefit the housing market by redeveloping old and sometimes run down pubs.
Successful pub property developer Sam Bains from Luton states that ‘Right now, old pubs are probably the best property investments you can make,’ she says. ‘In Bedfordshire, councils are very wary about leaving pubs empty for a long time because they become derelict and then squatters move in.’
‘Typically, it takes only two months to get planning consent for a complete change of use.’
Blame has been pointed at many supermarkets due to the lower prices and wider range in offers. In 1981 there were 80,000 pubs active and this has decreased to a total of 51,178 in 2011.
6 Sept 2011
Pubs for sale increase, as closing figures for pubs reach 25 a week « Property market update – UK property news and updates
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