Empty property move criticised
A CITY commercial property agent has been highly critical of Government measures on empty properties.
A CITY commercial property agent has been highly critical of Government measures on empty properties.Head of Lambert Smith Hampton’s Peterborough office Peter Williams said: “In our view, the Government’s timing on empty property rates could not have been worse.
“We are seeing increasing incidence of properties becoming vacant due to company failures.
“For the occupier, this means a penal charge on void property, at a time when the company is trying to keep costs down.
“For the investor, the situation is similar – loss of income, mortgage payments still due, void overheads and, on top of all of that, now empty property rates.
“The Government made a limp gesture in its pre-budget report by offering rates relief on properties with a rateable value of less than 15,000, claiming that 70 per cent of buildings would fall into this bracket.
“We are highly sceptical of this claim.
“The suggestion that by imposing rates businesses will be more motivated to lease properties that are unoccupied is frankly an insult to the intelligence of anyone with an interest in UK commercial property, especially given the practicality of prevailing market conditions.”
Mr Williams’ comments are in response to The Royal Institution of Chartered Surveyors (RICS) seeking views and evidence from commercial property professionals on the impact of empty property rates.
This call for evidence follows widespread criticism of the tax on empty commercial property.
RICS, along with national property consultancy Lambert Smith Hampton (LSH), has launched a questionnaire to gather a wide range of examples of how the tax is affecting businesses.
The information obtained will be published in an RICS and LSH report later this year.
The survey will examine respondents’ views and examples of the impact on business, prevention or delay to development or regeneration, and regional differences in the effects of the tax.
RICS policy officer Nadia Nath-Varma said: “Many of our members have given us their views on empty property rates and we think it is essential to gather the facts from those who own, manage and occupy commercial property to help inform future decisions in this area.
“We are looking to understand both the short-term impact and potential long-term effect this tax regime is having on the sector, especially at this very difficult time for the property market.”
The questionnaire will be open for all, and will be available online until Friday.
Email to a friend
Print this page - Popular
- Most comments
- Most shared
Looking for...
Featured advertisers
Local pages
Looking for a...
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Peterborough
Thursday 29 July 2010
Today
Sunny spells
Temperature: 11 C to 22 C
Wind Speed: 16 mph
Wind direction: North west
Tomorrow
Sunny spells
Temperature: 16 C to 23 C
Wind Speed: 15 mph
Wind direction: West
Your view
Please sign in to be able to comment on this story.