Property Guardians Pay Reduced Rent to Inhabit Disused London Buildings
Hundreds of individuals in London are living in disused commercial properties, offices, and even former care homes, operating as 'property guardians'. This arrangement allows them to secure substantially reduced rent in a city notorious for its prohibitive housing costs, often paying less than half the market rate for a conventional rental property.
For instance, one guardian in north-west London pays just £580 per month for a room in a former care home, a fraction of what a similar private rental would command. In return, guardians are tasked with maintaining a presence in the building, effectively acting as on-site security to deter squatters and vandalism.
Strict Conditions and Limited Rights
The allure of cheaper rent is tempered by strict conditions and a notable lack of tenant protections. Guardians typically sign licence agreements, not tenancy agreements, which significantly curtails their legal rights. They can face eviction with as little as 28 days' notice, and often live with restrictions on guests, pets, and even redecorating their living spaces. Buildings can lack basic amenities such as functioning kitchens or consistent heating, with guardians frequently required to provide their own white goods.
Property guardian companies act as intermediaries, managing the buildings on behalf of owners, who often face substantial business rates on vacant properties. By placing guardians, owners can mitigate these costs and maintain asset security. While presented as a pragmatic solution to London's housing crisis, this model essentially leverages the precarity of the housing market to provide cheap security for property owners, sidestepping standard housing regulations in the process.
