Around half of commercial property professionals believe that the recession is far from over, according to a survey conducted by Building LifePlans (BLP).
When asked if they thought that we had seen the worst of the recession, 47 per cent disagreed whilst only 9 per cent strongly agreed with the statement.
With this in mind, the professionals were asked what can be done to help the commercial property market. The majority of the answers centred on banks and money.
81 per cent felt the banks should be lending more, 59 per cent believe that interest rates should be remain low and 53 per cent would like to see a reduction in business rates – a debate that has been going on for some time.
But interestingly those surveyed also thought that there were aspects within the market which could help.
45 per cent wanted to see empty buildings utilised more, whilst 38 per cent would like to see planning rules relaxed to allow more commercial developments to happen without having to jump through so many hoops.
The high street was not left out of the survey as almost a quarter of professionals would like to see that as a focus point to ensure the stability of the market.
Speaking of the survey results, Chris Loerns, Underwriting Director at BLP, said: “While we are starting to see signs of consumer confidence returning which is good news for retail, the rest of the UK commercial sector still faces a tough environment as more tenant defaults are expected this year.
“In truth, the commercial sector has struggled for some time as lenders tightened their belts and although the value of properties decreased in many cases, the rents only saw upward movements making it difficult for tenants to keep their businesses above water.”
Previous Post
Should Museums Charge for Admission?
