The Reuse Dividend: A new case for building reuse
We are proud to support the launch of The Reuse Dividend, a major international study by Don’t Waste Buildings, published in Westminster.
Launched by MP Rachel Blake, with Richard Nelson, and attended by Darren Comber, Richard McCarthy and Scott Farrar, the report brings industry and government together around a shared challenge.
The report brings together a cross-industry coalition of architects, developers, engineers, financiers and heritage experts to examine a pressing question:
Why is the reuse of existing buildings still financially harder than demolition and rebuild - even when the environmental and social case is clear?
A national opportunity hiding in plain sight
Across the UK, more than one million buildings currently sit empty. Former schools, offices, shops, pubs and civic buildings remain unused in towns and cities where demand for housing, workspace and community infrastructure continues to grow.
Many of these buildings already contain the foundations of regeneration. What they lack is a financial system that supports their reuse.
At present, the UK applies 20% VAT to repair and refurbishment works, while new build development is zero-rated. This structural imbalance makes reuse more expensive in many cases, despite its wider benefits.
Learning from international models
The report analyses approaches taken in France, Germany, Ireland, the United States, the Netherlands, Belgium, Italy and Canada.
Across these countries, targeted financial incentives have helped shift the economics of reuse. These include reduced VAT rates, tax credits, grants for vacant buildings and subsidised low-interest finance for retrofit and adaptation.
The outcomes are consistent: increased investment, job creation, stronger town centres and more viable pathways to housing delivery.
A practical set of recommendations
Based on this international evidence, The Reuse Dividend sets out four key interventions for the UK:
Individually, each measure has precedent. Together, they represent a coherent and deliverable strategy for unlocking underused assets across the country.
More than policy - a place-based opportunity
The implications extend far beyond the built environment sector.
Building reuse directly supports housing delivery, high street regeneration, local employment and carbon reduction. Crucially, these benefits are not concentrated in major cities. They are most relevant to towns and communities where vacancy is highest and investment is most needed.
As Historic England has highlighted, hundreds of thousands of homes could be created through the reuse of existing historic buildings alone — without further land take.
A more intelligent approach to what already exists
At its core, The Reuse Dividend argues for a simple shift: to treat existing buildings as economic and social assets rather than liabilities.
As a practice, we see daily the value embedded in these structures - in their materials, their adaptability, and their role in shaping places people recognise and care about.
Unlocking that value requires alignment between design ambition and financial policy.
The opportunity is significant. The tools already exist. The question is how quickly they are applied.
Let's start a conversation.
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