As Rents Rise, Londoners Opt for Property Guardianship

Property guardianship involves residents living in vacant buildings. Initially seen as unconventional, this arrangement is gaining popularity as rents increase. The Kings Arms Hotel in London, once a boutique hotel, is now a guardianship property.

Erika Allen experiences trade-offs living in a former London police station. Advantages include affordable rent, a spacious bedroom, and using old cells for bike storage. Disadvantages include the absence of a living room, monthly inspections, and potential eviction at short notice. Allen suggests a relaxed mindset to save money through guardianship.

This living option allows people to pay fees for residing in vacant spaces, offering a cheaper alternative to market rent. The concept is expanding in London amidst rising housing costs.

Advocates believe guardianships might address London’s housing crisis and benefit other cities facing housing shortages. Graham Sievers, chair of the Property Guardian Providers Association, highlights the opportunity to convert empty commercial spaces into affordable housing.

“There are millions of square feet of commercial properties which are sitting empty and vacant,” said Graham Sievers.

The guardianship model is simple. Residents, called guardians, move into closed offices, schools, churches, and pubs for affordable fees. Building owners gain income and enhanced security as occupancy helps prevent vandalism, break-ins, and squatting.