Research document looking into the effect on the property market of the Rating (Empty Properties) Act 2007 which comes into effect today.

The research is based on a direct survey of over 100 leading occupiers, investors and developers.  Some key findings are:

- More than 80% of respondents believe that the EPR changes will have a detrimental effect on town centre regeneration.

- 70% expect capital values to drop; while 53% believe rents will fall – good for occupiers in the short term but resulting in longer term rental rises due to the emergence of a two-tier market thanks to the EPR changes.

- Contrary to the Government’s belief, 80% of respondents disagreed that the legislation will help to bring more properties to the market.

- More than 50% of respondents will review their property portfolios, either by slowing their development programme, selling properties or demolishing buildings that are unattractive to tenants and buyers.

- The industrial sector of the commercial property market will be hardest hit. 

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Three ‘Yes’ votes – including two firsts for Scotland
Daventry, Bathgate and Inverness are all celebrating after winning their BID ballots.
Bathgate is the first BID in Scotland, with Inverness the first BID in Britain to formally
incorporate property owners into their BID arrangements...

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Including...

- Pressure on Chancellor to face EPR reality
- EPR blamed for development rethink
- Scottish Tories move to cut business taxes
- Growth incentive is back-door relocalisation
- Cautious support for Prior Agreement
- Rating professionals link databases

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Two more ‘Yes’ votes
Two more BIDs have gained resounding ‘Yes’ votes: Dorchester and Coventry City Centre both heard the good news today...

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- Government Finalises Plans for the Reform of
Empty Rates
- Anti-Avoidance Legislation is Postponed
- Uniform Business Rates for 2008/09
- Full Steam Ahead for the 2010 Rating Revaluation
- Supplementary Rate to be Introduced in 2010

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