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.
We have read a lot in the media and from MPs on the subject of appealing against unfair business rates but the touchy topic has now reared its head...
In 2016, I commented on the government’s proposals to introduce discretion into the appeal process, with appeals being refused if the reduction in assessment determined was not big enough.
Chancellor Phillip Hammond announced a handful of relief schemes for those hardest hit by increases in liability resulting from the 2017 Rating Revaluation.