Empty property rates have "resigned England and Wales to a continued boom-bust commercial property cycle", creating property shortages and stifling regeneration, according to a survey by Lambert Smith Hampton for the Royal Institution of Chartered Surveyors.
85% of the property professionals questioned said the 12-month old tax is hitting regeneration and believe it is the biggest single factor in demolishing buildings.
"Many property owners are now left with no option but to demolish buildings that are sitting empty - generating large EPR bills, but no income," said LSH director of rating Richard Wackett.
"This will leave the commercial property market with a shortage of stock when demand picks up."
