Property guardianship involves living in vacant structures, an arrangement previously seen as unconventional. However, as the rental market becomes more competitive, this option is attracting more Londoners. The Kings Arms Hotel in London, formerly a boutique hotel, now serves as a guardianship property.
Affordable Living with Trade-offs
For Erika Allen, residing in a decommissioned police station in London presents both advantages and drawbacks. She enjoys inexpensive rent, a spacious bedroom, and the availability of old holding cells for bike storage. However, the absence of a designated living room, routine inspections, and the potential for sudden eviction pose challenges.
“If you’re adaptable and ready for change, you can save considerable money,” Allen remarked. This sentiment encapsulates the essence of property guardianship, where residents pay lower licensing fees than typical rents to occupy vacant properties.
Addressing the Housing Crisis
The popularity of property guardianship has surged in London as housing costs have risen. Advocates suggest this model could alleviate the housing shortage affecting many urban areas.
Graham Sievers, the chair of the Property Guardian Providers Association, noted, “There are millions of square feet of commercial spaces lying empty. These spaces could be transformed into safe, affordable living areas.”
A Simple Model Benefiting Both Parties
The guardianship scheme is simple. Guardians occupy shut-down offices, schools, churches, or pubs for low fees. Building owners benefit from some rental income and enhanced security. The presence of residents deters vandalism, break-ins, and squatting.
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