Warehouse construction is expected to rise by 15 per cent this year in a boost for the commercial property sector.
It is predicted to rise by a further 10 per cent in 2023, as construction output is expected to rise by 2.5 per cent this year.
More storage space for online business
According to the Construction Product Association’s (CPA) latest forecast, the sector covering warehouses and factories is expected to rise because of the continued growth of online retailing and the need for increased storage space to cope with higher levels of stock.
The news comes as action to flush out money laundering within the property sector has been announced this month.
The Register of Overseas Entities will make sure anonymous foreign companies will be forced to reveal who they are.
Register target money laundering
The move will prevent criminals from hiding behind shell companies. Those that refuse could face heavy fines of up to £2,500 per day or imprisonment for up to five years.
The register will support Government efforts to root out criminal and Russian oligarchs hiding illicit wealth through buying up large swathes of commercial and residential properties, particularly in London.
Before any application to the UK’s land registries can be made, any foreign company wishing to buy UK property will have to identify its beneficial owner and present verified information to Companies House.
Six-month transitional period
A beneficial owner is an individual who controls more than 25 per cent of a company’s shares or voting rights, controls the company’s management or anyone in control of a trust.
Those overseas entities that already own land in the UK that is within the scope of the new measure, will have a six-month transitional period, from 1 August to register their beneficial owners or managing officers.
The register applies retrospectively to property bought since January 1999 in England and Wales, and since December 2014 in Scotland.
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