BPF: Average property lease length 'has fallen to five years'
Date posted: 28 Aug 2010
Lease lengths in the UK have fallen substantially in recent times, according to new figures published by the BPF.
Published by Tim Hill.
Substantial reductions in average property lease lengths have been witnessed in the UK over the course of this year, according to one organisation.
The British Property Federation (BPF) has revealed that the average lease length for the 2009/10 period stood at only five years.
Leases of ten years or longer were only possessed by three per cent of the small businesses queried as part of the Annual Lease Review produced by the BPF and IPD.
Firms might have benefited from shorter term leases during the recent economic downturn, the BPF's chief executive Liz Peace believes.
She stated: "With the pace of business change so fast these days it makes little sense for most small and medium sized businesses (SMEs) to tie themselves into the obligations of a long lease."
Towards the beginning of this month, the BPF suggested that minsters could help to address housing problems in the UK by re-using vacant social properties.
Please contact Michaela Henson, Head of Property for further information or call 01223 225178
Click here to email or call on 0207 382 8060.
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