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The Levelling-up and Regeneration Bill received Royal Assent yesterday - as such, a major new piece of legislation has now entered the statute books.
As we have commented on previously, the Bill included provisions to give local authorities the power to put empty high-street properties into mandatory rental auctions.
As of yesterday, local authorities have officially been granted those powers. The question is now whether they will choose to use them.
The impact of high-street rental auctions on the commercial property market is potentially wide-ranging and we have considered some of the possible ramifications in this article for the Journal of Building Survey, Appraisal & Valuation.
If you have any questions about how your or your clients may be affected by this new legislation, please do get in touch.
The Act creates new laws that will transform our town centres by giving councils the powers to work directly with landlords to bring empty buildings back into use by local businesses and community groups, breathing life back into empty high streets.
https://www.gov.uk/government/news/new-laws-to-speed-up-planning-build-homes-and-level-up
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