South West property market is not all doom and gloom
Despite depressing media reports, the region’s property market is not dead, according to James Gregory, a Partner at South West based commercial property consultants and estate agent, Alder King. Mr Gregory was speaking in front of more than 50 of the region’s top businessmen and women at the latest Western Business Forum on Thursday 11 September. Talking on the topic “The Now and Future of Property” at Cumberwell Park Golf Club in Bradford on Avon, Mr Gregory said that although times are tough, there are still some great deals to be had.
“You may have to work harder but the property business is still alive,” said Mr Gregory. “The market is certainly not dead, deals are still being done and sales are still being made.”
He did say though, that some responsibly must lie with the Government saying that Gordon Brown needs to “make an early U turn on rates on empty buildings.”
The legislation, which only came into force this April, rules that properties that have been empty for more than three months will no longer receive the 50 per cent relief from business rates, with industrial properties losing the relief after six months of being unoccupied.
The new rules aimed to ensure that landlords let properties out; however Mr Gregory claims it is actually having the opposite effect.
“It is now discouraging developers from advancing new projects,” he said, “and means that existing companies are less likely to move and leave a vacant office without another tenant ready to move in.”
Also speaking at the event was Bruce Lockhart, tax partner at Old Mill accountants and financial advisers. Mr Lockhart spoke about the tax issues that affect the property market, particularly the new tax allowance on integral fixtures and energy efficient systems in new buildings, which he called a “rare positive change”.
The meeting was the third quarterly meeting this year of the Western Business Forum and was organised by LloydsTSB, solicitors Thring Townsend, Old Mill and executive coaches, Inside Out. Every quarter a new discussion point arises and this time their attention was turned to property. The next will take place on Thursday 4 December at Cumberwell Park Golf Club when the topic will be “Planning to make it happen in 2009.” For more information please go to www.westernbusinessforum.co.uk or call 01749 335007.