According to some research sources, commercial property prices are continuing to rise, while others insist the market is slowing. Either way, now could be an ideal time to consider if your current business premises is going to be sufficient for your needs over the next two or three years. The economy has meant some businesses might have been unable or unwilling to commit to moving to a larger or more appropriate building.
After all, it’s better to keep a job in an outdated building than to have no job at all. However, there are signs of national economic recovery and many companies are wondering if now is a good time to buy a new workplace, or even consider becoming a landlord. Foreign investors into British commercial property for sale have had this idea for some time now, taking advantage of low prices and helping bump values and stir up investment, especially in the City of London.
Some companies might also be motivated to buy their own property because of the resultant rising rents, and not just in the capital but outside London and beyond the M25. As the economy recovers there will be plenty of opportunity for people with their pulse on the property market to make the most of the upturn. A snapshot of values across the country shows a predictable variation of the price of commercial property for sale.
Some canny company business owners also trawl residential building specifications for suitable premises for their operations – though change of use permission can make the buying process slightly more lengthy and complicated.
Official house price figures for July fell, according to the Royal Institution of Chartered Surveyors (RICS), whose surveyors recorded a glut of properties being put up for sale, which could account for the overall price drop. “The fall in the RICS house price measure is broadly consistent with most other recent data that has been released,” said Ian Perry, RICS spokesman “Significantly, the forward looking price expectations numbers suggest that this softer trend will continue through the second half of the year. However, agents are still generally optimistic about sales activity which should benefit from more realistic pricing of properties.”
This means, presently, it could be a buyer’s market and whether you are looking for commercial or residential properties, it’s wise to keep a close eye on what’s occurring. More good news for business owners and their properties is that the government is considering changes to Discretionary Business Rate Discounts to make them fairer.