Revitalising High Streets: The Launch of High Street Rental Auctions (HSRAs)
The UK government has launched a new initiative, High Street Rental Auctions (HSRAs), which has gone live, effective 2nd December 2024. It is designed to tackle the growing issue of long-term vacant shops on high streets. Minister Alex Norris announced the initiative at a National Showcase event in Wolverhampton on 21st November, which included local authorities, landlords, and key stakeholders.
UPDATE: Click here for detailed guidance on High Street Rental Auctions
The new legislation allows councils to step in when landlords leave commercial properties vacant for over a year. Local authorities will have the power to auction leases for vacant units, offering them to small businesses, start-ups, and community groups in need of affordable space. These short-term, flexible leases (ranging from one to five years) are intended to breathe new life into town centres by fostering innovation, creating jobs, and driving local economic growth.
The Government’s Commitment to High Street Revival
With one in seven high street units reportedly vacant, the government is committed to rejuvenating town centres. Over £1 million in funding will support the HSRA process, while new policies to freeze business rates, lower taxes for retail, hospitality, and leisure properties, and increase the Employment Allowance will provide much-needed relief for small businesses.
“High streets are the beating heart of our communities, but too many have been neglected,” said Minister Norris. “HSRAs give local councils the tools to take control and re-energise town centres.”
SaveTheHighStreet.org’s Role in Supporting Local Regeneration
At the event, Julie Holden, our Community Director, commented on the new initiative: “Although the process is fairly complex and it relies on certain criteria, it will be a useful ‘tool’ for getting the ball rolling in the right direction. I’m sure enforcement will be a last resort in most instances, and there will be funding to help at various points. We look forward to continuing to work with Local Authorities and landlords to help facilitate projects that can repopulate vacant units with growing brands, start-ups, and the next generation of high street entrepreneurs—with or without the HSRA powers being used.”
SaveTheHighStreet.org is committed to supporting this transition by offering Vacancy Partnership opportunities. Our platform connects stakeholders to help facilitate projects that bring businesses and services back to vacant properties, whether or not HSRA powers are used. We believe in empowering local communities and businesses to shape their high streets, and we are eager to collaborate to make this vision a reality.
What’s Next?
The full documentation for the ‘right to rent’ scheme has been published on 2nd December and can be viewed in the link above, with funding guidelines available from 15th January 2025. Local authorities will be able to act as early adopters, working closely with the Ministry of Housing, Communities, and Local Government (MHCLG) to provide strategic guidance and best practices.
For those interested in partnering with us, visit SaveTheHighStreet.org/end-vacancy to register your interest and get involved in the regeneration of high streets across the UK.
This initiative marks a crucial step toward breathing new life into high streets, boosting local businesses, and creating a vibrant, sustainable economy. With government support and collaboration across sectors, we’re excited to see the positive change ahead.
