According to a recent survey by Remit Consulting, reported exclusively by Property Week, less than half the rent due on March quarter day was paid on the day.
Just 48% of rent due was paid on March quarter day in comparison to last year’s 79%, increasing to 57% seven days later versus 90% in March 2019.
Concern growing over low service charge collection
We have been advised that property managers for over 18,000 properties are becoming particularly concerned by the low levels of service charge collection, which will make it harder to keep up with the costs of running buildings during the UK lockdown period which has now been extended for at least another 3-weeks. The situation is especially difficult for shopping centres, which have to be kept open for the key businesses that are still trading.
Service charge collection rates are even weaker than rent collection rates. Just 38% was collected on rent quarter day, rising to 48% seven days later. By comparison, 73% of the service charge due was paid on the day last year, rising to 80% a week later.
Should you require any advice on best steps to be taken during this difficult time, please call or email our team who will be happy to help.
June Quarter Day rent collection
It is hoped that March rent collection levels will continue to rise over the coming weeks as rent comes in from tenants that have agreed to monthly payments. However, fears are that rent collection at the next quarterly rent day in June will be lower than in March as the financial impact of the lockdown on commercial tenants becomes more acute.
Protective Warrants of Control – Launching soon
We will soon be launching a new Protective Warrant to protect landlords and to assist tenants who are requiring time to pay in this uncertain time.
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