Jacob Young, Minister for Levelling Up, has announced that new powers will be introduced by summer 2024 to help communities regenerate high streets and fill empty shops. This will be done through a new local authority power - High Street Rental Auctions.
The power will allow leaders to take control of empty properties on high streets and rent them to businesses that want to use them. With these new powers it is hoped that local authorities can begin to level up high streets and tackle issues that arise from empty high street units, including reduced footfall on high streets and unemployment.
The way it works is, once a unit has been empty for over a year, High Street Rental Auctions will let local leaders auction off a rental lease for up to five years, with auctions taking place with no reserve price. Hopefully this will let businesses and local communities have the opportunity to obtain a place on a high street at a competitive rate.
Announcing the new power, Mr Young said "We want to bring high streets back to life and these new levelling up powers will help do just that. A lively high street brings an irreplaceable community spirit – one that is unique to its own area – along with new jobs and opportunities for local people.
"These new powers will enable local communities to take back control, backed by over £15 billion of levelling up funding which is transforming towns and left-behind communities across the UK."
