Partner Article

Time to take action on Empty Property Rates

Chartered surveyors from across the UK contributed to RICS’ research on the impact of empty property rates (EPR), with the highest number of respondents coming from the North East.

Key opinions from North East responents include:

92% viewed EPR as a barrier to town centre regeneration

89% felt the policy was restrictive to overall economic growth

88% considered EPR a significant deterrent for speculative building

RICS has recommended government increase the EPR exemption period for retail space from three to six months and for office and industrial space – from six months to one year. RICS has also recommended the removal of all refurbishment, renovation or retrofitting projects from the business rate list until completion.

RICS Policy spokesperson, Kevan Carrick of JK Property Consultants in Newcastle said: “We understand the need for government to generate tax revenue in the ongoing tough economic climate; however the significant revenue of empty property rates versus business growth is now unsustainable. This is money that could be invested into hugely beneficial property led growth, which all regions – not just the North East - desperately need to see over the next couple of years.”

This was posted in Bdaily's Members' News section by JK Property Consultants .