One in five licensed premises are now being sold for alternative use.
That is according to a survey of over 100 members of the Association of Valuers of Licensed Property (ALVP). The survey also showed that leasehold prices have fallen 37% and freehold prices 22% over the last year. Inquiries for licensed property have dropped by 19%.
"This survey shows some interesting information — perhaps the most poignant, relates to the change of use stats, with one in every five sales resulting in a change of use," said honorary secretary of the AVLP Bob Whittle.
"This stat isn't that surprising given the current state of the market, but does bring to light the presence of resilient buyers being out there.
"For those looking to sell it is important to use an experienced reputable agent who can put them in touch with such a breadth of potential purchaser — contacting the Association of Valuers of Licensed Property would be an excellent place to start this search."