Question to the Ministry of Housing, Communities and Local Government:
To ask the Secretary of State for Housing, Communities and Local Government, what assessment her Department has made of the potential impact of a) commercial property costs and b) financing options on high street vacancy rates in Essex.
No specific assessment has been made. Vacancy is shaped by a range of factors, including local demand, wider economic conditions and changing consumer behaviour.
The Government is taking action to address commercial property costs for high street businesses in England. We have introduced legislation to ban upwards-only rent reviews in new and renewed commercial leases, created new, reduced business rates multipliers for high street sectors, and rolled out High Street Rental Auction powers to enable long term vacant units to be offered at reduced rents to local businesses. We have also tasked the Law Commission with projects to address issues in commercial leasehold.