admin The British Property Federation (BPF) has called on the UK government to extend the period of business rates relief for empty properties from three to 12 months as shop vacancies in the region continue to grow.
Currently, owners of vacant properties have a three month exemption from business rates to allow time to upgrade and re-let stores, however new research by the BPF has found that more time is needed in order for a new tenant to be found.
Alongside the Local Data Company, the BPF analysed 1,035 retail locations comprising more than 124,000 stores, with evidence showing that over the last two years less than one in 10 empty units have been re-let within six months.
Additionally, almost a third of vacant stores took more than two years to be reoccupied.
Data further showed that re-letting empty stores proved challenging across all location types, with 9.9 percent of high street stores reoccupied in six months, compared to 7.5 percent at shopping centres and 10.3 percent at retail parks.
The data comes as a response to a HM Treasury consultation on empty rates avoidance, through which the BPF also noted that the current system of empty rates was “unfair to property owners who can face high rates of liability”.
In addition to an extension, the organisation is also asking for the reintroduction of a 50 percent rate cut for long-term empty stores.
