Demand for commercial property across the UK has fallen to its lowest level for more than a decade, new figures from the Royal Institution of Chartered Surveyors (Rics) show.

According to the professional body's statistics, 64 per cent more of its members have reported a fall than a rise in demand for properties across all areas of the sector, as confidence is hit by weakening retail sales.

The situation is being further hindered by banks and other institutions within the financial sector opting to put their expansion plans on hold due to the current economic climate.

These latest figures are expected to lend further support to calls for commercial landlords to replace the current system of paying rent every quarter in favour of monthly payments, with the British Retail Consortium claiming that such a move could save businesses around £145 million a year.

At the same time, the British Property Federation (BPF) has argued that the ending of tax relief on empty buildings is likely to further exacerbate the difficulties currently facing the commercial property sector, with investors having already seen their assets fall in value by 20 per cent over the past year alone.