The City of London Corporation has set a target of adding at least 1,500 residential homes by 2030 through a mixture of developing new schemes and converting old buildings.
In a report published by its Recovery Task Force, the City of London said it wanted to create a more mixed-use area after concluding that it must adapt to post-pandemic economic and social trends.
Aaron Strutt, product director at Trinity Financial, says: "With so many empty shops and offices more developers will be looking at commercial units and thinking about turning them into homes, especially if they can get them at a good price.
"Converted office blocks and industrial estates can be difficult to finance through the big mortgage lenders, while shops can also be tricky especially when they are close to takeaways or betting shops."
A recently converted property will typically be treated as a new build so it is likely to be subject to restricted borrowing limits. This means it is difficult for many first time buyers particularly if they have a smaller deposit. We regularly get enquiries from clients who want to turn once large houses converted into flats back into family homes, and while there are options, not all of the lenders are keen to provide finance.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or submit an enquiry