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Commercial Outlook Q3 2024
Although we see key aspects of the economy stabilise, the commercial property sector continues to face challenges, as many business sectors evolve to keep pace with ever-progressing trends and shifts in demand.
Balancing sustainability with practicality for EV charging
Propertymark has submitted a comprehensive response to the Welsh Government’s consultation on electric vehicle (EV) charging requirements and written to Baroness Taylor to highlight the need for balanced support across the UK. While welcoming efforts to reduce carbon emissions, we raised concerns about cost, feasibility, and the broader impacts on the housing market.
Proposed overhaul of Energy Performance Certificates will impact the entire property sector
The UK Government has unveiled plans to reform the Energy Performance of Buildings (EPB) framework in England and Wales, with sweeping changes to the way Energy Performance Certificates (EPCs) are structured, used, and valued. Both commercial and residential agents, landlords, and property owners will need to renew their EPCs more often, and some exemptions, for example for heritage properties, may no longer apply.
The Law Commission seeks views on commercial security of tenure
Under Part 2 of the Landlord and Tenant Act 1954, most business tenants in England and Wales have the right to renew their tenancy when the current lease ends, with limited grounds for landlords to refuse. With 55% of UK commercial property rented, the Law Commission is consulting on whether this system remains effective for today’s commercial lease market.