Planning applications for commercial developments have fallen dramatically in the last year, according to a new report.
The number of
commercial development planning applications being submitted has fallen sharply in the last 12 months, it has been claimed.
According to commercial law firm EMW Picton Howell, the last year has seen 21,729 applications put forward by
property investment firms, down 15 per cent from the 25,600 seen in the previous 12 months, City Wire reports.
Retail property had been most severely affected, with planning applications falling 21 per cent, the company claims.
The fall is perhaps not surprising considering the number of commercial development companies that went into administration during this period, the firm adds.
Across the country, the Slough area was worst hit with applications down 65 per cent, while Oxford prospered from a council-backed plan to revamp the city centre with a 161 per cent increase in submissions.
London also saw planning proposals fall by a fifth, despite industry experts such as London School of Economics Greater London group director Tony Travers recently saying that the capital's commercial property market was in an "upward swing".
Posted by Allan Flowers.
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