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Brexit has undoubtedly had an effect on the market and fiscal revenues. Post-Brexit, the market in the UK is decidedly uncertain. The most recent upset has been the nature of lease terms.
Many companies, especially small and medium firms (SMEs) are now shifting the market in a different direction. Due to the uncertainty in Britain’s future, SMEs are now increasingly looking for shorter leases. This is partly because of weak negotiations with the EU, and also the worry that the government may not be able to secure a strong exit deal.
Eugene O’Sullivan, Managing Director at Morgan Pryce and leading Chartered Surveyor, explains; “Here at Morgan Pryce, we are real estate acquisition experts for leasehold and freehold opportunities. In recent months, requirements circulating round the market have been for noticeably shorter lease requirements.”
Meanwhile, the quarterly Citibase Confidence Index found that just 35% of SMEs were confident the government would secure a good deal, down 9% on the previous quarter.
At the same time, lease lengths of one to three years have become increasingly popular, with 41% of SMEs now favouring a short lease, up from 30% in just six months.
O’Sullivan says; “These results are a wake–up call for the government: SMEs are the lifeblood of the British economy. By reducing their capabilities, we are essentially shooting the Golden Goose.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.