Bringing back the High Street: landlords forced to let vacant shops

The UK government have new plans to force landlords to let retail units which have been vacant for longer than six months.

The new plans will allow small business owners to acquire access to boarded-up properties, which spoil the nation's town centres. Announced in the Queen's Speech next month, these plans aim to revive the High Street and are a part of the Levelling Up and Regeneration Bill.

Over the pandemic, the quantity of empty shops have increased drastically, as many struggled to get back on their feet following various lockdowns and the rise of online shopping.

According to figures from the British Retail Consortium, one in seven shops are empty across the UK. The North-East of England has the highest vacancy rate, with one in five shops vacant.

What is the new plan?

After a short grace periods for landlords to fill their shop, local authorities can force landlords to rent out commercial property on high streets through a Compulsory Rental Auction. Interested parties will be invited to bid in the auction.

This should bring new life to local towns and ignite economic growth and recovery.

Article by Business Matters