Extend empty buildings rates relief, BPF tells chancellor

The British Property Federation has urged the chancellor to extend business rates relief on empty properties. Relief currently lasts for three months, but the industry body said the data showed that next to no properties were relet within that time. Analysis of 124,000 retail spaces, carried out by the Local Data Company, found that less than 10% of empty shops were relet within six months and 31% could take two years to find new occupants. The BPF said the exemption should be extended for 12 months, with a 50% relief for properties that are empty for years. Chief executive Melanie Leech said the rates relief system was “completely out of step with today’s market conditions”. “This is effectively kicking someone while they are down, and only adds to the challenge of upgrading and repurposing older stores and attracting new businesses,” Leech said. “We recognise that business rates generate vital income for local authorities but it is simply not sustainable for property owners to shoulder this tax burden when there is no tenant or income on a unit.” She added: “If the government is serious about supporting high streets and town centres it must extend the period of business rates relief for empty shops and other commercial units in line with the evidence.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews