How the North West fared in the Rateable Value Revaluation shake up
Some interesting stats are coming out of the Valuation Office Agency at the moment, with so much attention on the Revaluation and its implications for businesses and retailers.
The VOA’s most recent release looks at the total Rateable Value for England after revaluation which has increased by 9.6%. In contrast, Wales saw its total RV fall by 2.9%.
London saw a 23.7% increase in RV after revaluation, the largest increase with the North East registering a 0.9% fall – the only region to do so.
And the North West? We stayed neutral with a 0% change on the RV after revaluation. This rather uninteresting figure is made up of the various sectors which did show much bigger swings but in the end cancelled each other out for the overall 0% change.
For example, retail, office and industry all saw sharp decreases in their RVs – between 3.5 and 5.4%. These combined, however, only added up to the rest of the businesses across the region which jointly accounted for a rise of 10.7%.
Nationally, London has the largest spread of RV in the 2017 Rating Lists, especially in the Office Sector which contributes 14.4% of the total RV in England.
The top 10.9% of rateable properties in England also contribute a whopping 72.3% of RV in the 2017 Rating Lists.
Tory peer Lord Wolfson has said that business rates need to be updated to reflect major changes in retail.
Should relegation from the Premier League be classed as a Material Change of Circumstances when it comes to rating?
Now that I have written about Wales recently it’s only fair I switch to our more northerly neighbours.