RICS calls for business rates cut in budget
PUBLISHED: 06:00 25 October 2018 | UPDATED: 06:50 25 October 2018
The ongoing uncertainty surrounding the Brexit negotiations is taking its toll on the UK commercial property market, say surveyors.
And with the budget just around the corner, the Royal Institution of Chartered Surveyors (RICS) is calling for a government review of business rates.
In its quarterly survey RICS found that occupier demand fell slightly, with a net balance falling to 9% (from -8% in Q2).
Demand from businesses looking to take up retail space fell for the sixth successive quarter and demand for office space saw a marginal decline in interest.
Once again, industrial was the only sector to see growth, with increasing demand extending a run of uninterrupted growth going back to 2012.
Hew Edgar, head of policy at RICS, said: “Brexit uncertainty and competition from online retailers means small independent businesses are finding it harder to stay afloat.”
Hew Edgar, head of policy at RICS, said: “The combination of Brexit uncertainty and competition from online retailers means small independent businesses, in particular, are finding it harder to stay afloat. We are calling on the government to review business rates, with the aim of improving the whole system and provide a shot in the arm for our ailing high streets.”