UK rent review reform could hit airport property income

Legislation passed in England and Wales will prohibit upward-only rent review clauses in new commercial leases. The change is contained in the English Devolution and Community Empowerment Act 2026. It amends the Landlord and Tenant Act 1954.

The ban applies to all business tenancies, including those involving airport property. Any rent review provision that guarantees a minimum uplift or prevents rent from falling below a previous level will be void. This applies to new leases, renewals, and certain arrangements made after the ban comes into force.

Airport operators often rely on steady rental income from their property portfolios. The reforms could expose them to lower rent during economic downturns or reduced passenger numbers. Guidance on the exact scope of the prohibition is still pending. The ban is not yet fully in force.