Propertymark calls on UK Government to extend business rates relief

Property agents are missing out on a proposed twelve-month business rates ‘holiday’, as they are classified as offices, not retail branches on the high street.

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ARLA Propertymark Chief Executive David Cox and NAEA Propertymark Chief Executive Mark Hayward have written to the Chancellor urging him to extend business rates relief to property agents and their offices.

Following the outbreak of the Coronavirus, the Chancellor announced a 12-month business rates ‘holiday’ for retail, hospitality, entertainment, and catering businesses- that is, A1 and A3 planning use. High Street estate agents are classed as A2 - offices which the public visit.

Propertymark has received many enquiries from members who are concerned about the lack of Government support for property agents on the high street, and anxious about the implications for the future.

Several MPs have raised the issue in Parliament and Propertymark is engaging with them to urge immediate action.

The letter from Propertymark’s Chief Executives to the Chancellor outlines that the seriousness of this outbreak is an existential threat to the industry; and we need Government to ensure that the vital work we do, which underpins the UK economy and supports millions of consumers each year, can continue in the future.

Propertymark will keep members updated on relevant developments, however, all business owners are advised to check the gov.uk website for any updates. 

Business Rates reform

Propertymark has been campaigning since January for reforms to Business Rates and it formed a key part of our submission to the Budget