Regulations come into force on 2 December 2024 which will allow local authorities in England to auction off the leases of persistently empty high street shops. The UK Government states that the scheme will breathe life back into town centres and drive local growth and opportunities. Propertymark welcomes the move, but we would like to see more detail on which areas will benefit the most, how the powers will be funded, and how they will be used in practice by councils.
Originally introduced by the Levelling Up and Regeneration Act 2023, the High Street Rental Auctions (HSRA) powers have been activated by secondary legislation introduced on 7 November 2024.
The move will prevent landlords from sitting on empty properties for more than 365 days in 24 months. Once that threshold is reached, councils can step in and auction a one-to-five-year lease, however, they must first try to resolve the vacancy by engaging with the landlord.
In a speech on Thursday 21 November 2024, Local Growth Minister Alex Norris will explain the powers in greater detail and introduce Early Adopters – local authorities that will champion HSRAs by immediately acting and working with the Ministry of Housing, Communities and Local Government to provide strategic guidance and best practice advice to other councils.
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