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19/08/2008
Industry body urges government to introduce tax relief |
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Whilst rent for retail property has fallen in July, the British Property Foundation (BPF) has called for the government to introduce rate relief on empty properties.
The BPF has suggested that charging rates on empty property is simply causing greater problems in the commercial property sector and to the economy as a whole.
Andrew Teacher, head of media at the BPF, explained: "Charging poor business rates on empty property will only serve to reduce the supply of property and cause further trauma to businesses when the government should be giving them a helping hand."
According to the UK Monthly Property Index, commercial property returns have fallen by 1.3 per cent in July and are at an all-time low of minus 16.1 per cent on a twelve- month rolling basis.
The retail sector is not fairing much better, with the CB Richard Ellis UK monthly index showing that rent for UK high street shops has fallen by an average of 0.3 per cent.
The CB Richard Ellis UK monthly index reported that rent for UK high street shops fell an average of 0.3 per cent in July 2008.
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