'Outrage' over property rates - commercial mortgages

28 November 2008

In commercial mortgages news, businesses across the country are "outraged" over the government's decisions on empty property rates, it has been argued.

Following the chancellor's unveiling of a rates holiday for unoccupied commercial properties with a value of less than £250,000, the British Property Federation has stated that this will only benefit a small amount of companies.

This "short-sighted" approach will mean many office developers, retailers and factory owners will continue to be penalised, the organisation said.

Business owners have expressed their views on the matter with Carl Griffin, director of Folkes Holdings in Birmingham, commenting: "It's an insult … and shows that the government fundamentally does not grasp the situation."

And Nigel Taylor, who owns a variety of houses, flats, industrial units and shops, remarked: "It makes my blood boil."

One businessman described the tax as "Bombsite Britain" as it may cause some firms to demolish buildings to avoid paying the charges.

The Royal Institution of Chartered Surveyors has also raised concerns about empty property taxes.