With new restrictions cutting takings at shops and restaurants, property owners see little chance of collecting all rents due
Late-night revellers and publicans may not the be the only ones ruing the latest restrictions aimed at stemming the spread of the coronavirus. A shift back to working from home and orders to close pubs and restaurants by 10pm will not help refill the coffers of landlords set to miss out on £4.5bn in rent between mid-March and the end of the year.
“The restrictions imposed this week represent a step back in economic recovery and will negatively affect businesses in most sectors. While we feel the restrictions are fairly minor, we do think they will cause a reduction in the amount of rent we are able to collect,” says Mark Jarrett, head of property management at Colliers International.