Empty rates legislation will be significant
Legislation forcing empty office owners and property investors to pay rates on their properties, whether they are occupied, or not, will have a significant impact on the property investment market.
The British Council of Offices (BCO) believes many investors will think twice before taking on empty properties.
Matt Oakley, from the BOC, said:
"If you were to buy an empty property you start paying rates from day one, so you have a cost whether or not you have an income."
Returns from commercial properties fell by 1.5% in June, according to the monthly property index from IPD.
