Southport in Merseyside will be among the top 20 towns in the UK to benefit from the new rateable values when they are introduced in April 2017, with a reduction of 41%, according to Colliers International.
Colliers’ independent research looked at the top regional centres in the retail industry which would see the highest reduction in rates.
Other towns in the North West to benefit from reduced values include Rochdale at -40.20%, Crewe at -37.90%, Stockport at -35.41%, Ashton-under-Lyne at -35.41%, Oldham at -33.36%, Stretford at -32.30%, Barrow-in-Furness at -31.11%, Northwich at -29.41%, Warrington at -16.82% and Manchester city at -17%.
In Merseyside, the top towns to benefit from reduced rateable values in retail along with Southport include St Helens at -38%, Birkenhead at -36%, Bootle at -29%, Liverpool at -17% and Ellesmere Port at -10%.
Rates are charged on non-domestic properties such as shops, offices, warehouses and factories. Remises are given a rateable value by the Valuation Office Agency which is used by the local authority to calculate how much should be paid. Revaluations take place every five years, but the revaluation scheduled for 2015 was delayed.
Colliers’ research examined 421 centres surveyed by the company and compares the results with the Valuation Office Agency current values. These findings are based on the prime locations in these retail centres.
Adam Burke, director in Colliers International’s Manchester rating team, said: “The regional retailers are finally seeing relief on the horizon from the values taken on 1 April 2015 coming into effect on 1 April 2017.
“The huge swing in values is due to the Government postponing the revaluation, which was meant to commence this year, so instead of having a five year cycle we now have a seven year cycle. This long delay in revaluation is like stretching a rubber band, which when it snaps has a significant impact. The effect is evident that we need shorter revaluation cycles, perhaps of about three years, in order to capture the rapidly changes relative values.”