RICS has recommended removing material uncertainty clauses on regional office valuations, after removing them for all offices.
It comes after MUCs were lifted for central London offices, which was recommended on 7 July.
MUCs for all healthcare types, excluding day nurseries, will also be lifted, as well as self storage facilities.
Valuers across the major agencies that will relax these clauses include JLL, CBRE, Savills, Knight Frank and BNP Paribas, alongside other members of RICS’s material valuation uncertainty leaders’ forum.
RICS set up the forum earlier this year to evaluate the pandemic’s impact on valuation assignments.
Tim Luckman, lead director of regional commercial valuation at JLL UK, said: “This is an extremely positive step, albeit the decision has not been taken lightly.
“The UK’s big six regional office markets (Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester) entered Covid-19 in an extremely strong position with a combined vacancy level of just 4.2%… and prime yields trending close to 4.5%.
“There has since been a significant ‘pause’, but since lockdown eased and inspections and viewings have recommenced, activity and sentiment in the regional office markets continues to improve.”
He added that in the big six regional cities, six city centre office investment deals have completed over the past four months, with one exchanged and five under offer.
MUCs have been lifted for other commercial property types in recent weeks including: institutional grade student accommodation; long dated annuity income with a secure covenant, such as government; all industrial and logistics; and build to rent properties of institutional grade.
See also: How the industry collaborated to lift material uncertainty clauses
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