The English Devolution and Community Empowerment Bill proposes banning Upward Only Rent Reviews for new commercial leases. 

RICS recognises the strong views on either side of the debate around Upward Only Rent Reviews, which are a feature of many leases. However, lease structures have evolved significantly, with terms now in many cases shorter and more flexible with breaks. 

It is essential that this Bill does not create market uncertainty at a time when many businesses need confidence. 

Our established professional standard, the Code for Leasing Business Premises in England and Wales (1st Edition, 2020), focuses on clarity, transparency and ease of use for rent review provisions. The standard states that review clauses should be clearly expressed, including the proposed frequency and the method of review.  

Review provisions should not contain obscure formulae and leases should allow either party to start the rent review process and not impose time limits intended to prevent a review.  

In looking at commercial rent reviews, RICS suggests government should also focus on clarity, transparency and the widest adoption of leasing professional standards, including in respect of the small businesses referenced in the recent announcement.  

RICS remains committed to supporting an equitable, market-responsive commercial property sector. Our focus will continue to be on promoting best practice and encouraging informed, balanced negotiation rather than prescribing the outcomes of commercial agreements, which remain outside our regulatory scope. 

Over the coming weeks and months, RICS will work with members and industry to respond and shape the proposed legislation, to ensure we can create an environment that attracts and encourages investment, as well as businesses of all sizes. 

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