The base rate was held in September, GDP is growing slowly, the construction materials price index is decreasing, and Propertymark Commercial agent sentiment is increasing in several key areas. However, economic uncertainty remains and improvements in sentiment are generally from a low base.
School closures made headlines over the summer of 2023, but these are not the only buildings that could be affected by structural issues because of old or badly maintained materials. Property agents need to understand key facts relating to domestic and commercial buildings, especially those who deal with leaseholds.
Section 156 of the Building Safety Act 2022 took effect on 1 October 2023, which means that all businesses in England must document their fire risk assessments and fire safety arrangements. The revised legislation also requires that in residential buildings housing two or more domestic premises, residents must receive information about fire risks and the fire safety measures put in place for their protection.
Following a call for evidence that received over 17,500 responses, widespread concerns were highlighted that women and older people are disadvantaged by the increasing number of non-specific gender public toilets.
The All-Party Parliamentary Groups (APPGs) for Ending Homelessness and Housing Market and Housing Delivery has produced a report on Rethinking Commercial to Residential Conversions following an inquiry to explore the potential challenges during planning to occupation.
The Department for Levelling Up, Housing and Communities has opened a consultation to change the Town and Country Planning (General Permitted Development) (England) Order 2015 that allows for the change of use to dwelling houses.
Responding to the Department for Levelling Up, Housing and Communities (DLUHC) consultation on High Street Rental Auctions (HSRA), Propertymark states empty properties can become magnets for anti-social behaviour and vandalism, impact a location’s economic performance as well as impact positive footfall risking the viability of other businesses nearby resulting in threats to job opportunities.
The commercial property market has seen a sluggish start to 2023. Since the Kwarteng budget of September 2022, the market has been subdued. And while we have continued to see small gains in capital values, there seems little drive in the market from investors at present. These patterns are clearly reflected in our latest Commercial Outlook.
A new Non-Domestic Rating Bill has been introduced to incentivise property improvements and support more frequent revaluations to deliver reforms in the commercial sector.
NAEA Propertymark Commercial agents reported a more positive outlook for many sectors compared to last quarter. Better than anticipated performance of the UK economy and resettling after the Truss/Kwarteng budget have resulted in improved expectations.
Responding to an All-Party Parliamentary Group inquiry about understanding the feasibility of converting empty commercial property into affordable housing, Propertymark believes there is potential, however, warns of several obstacles to a wide-scale programme of conversions.
The Welsh Government has published its Draft Budget for 2023-2024 with the aim to build a stronger, fairer, greener Wales and outlined additional support for the commercial sector and the vulnerable.
The worst outlook for the next year remains in the pubs and restaurants sector. With cost-of-living concerns, energy prices and interest rate rises affecting tenants’ bottom lines, combined with liquidations leading to rising supply, rental levels are expected to decline along with capital values and investment yields.
We deliver quarterly webinars highlighting key topics and targeted resources on issues relevant to sectors of commercial property practice.
FAQs: Non-domestic private rented property: minimum energy efficiency standards for commercial property
Since 1 April 2018 all new tenancies of non-domestic (commercial), properties must reach the minimum Energy Performance Certificate (EPC) standard of E or above. The Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015 make clear that as of 1 April 2023, the regulations will apply to all tenancies, including existing and ongoing tenancies.
Packed with practical advice on the issues facing agents as we enter 2023: maintaining professionalism with abusive clients, rental reform in Wales and Northern Ireland, Right to Rent checks in England, sale board regulations and data protection for agents across the UK.