Signs of levelling up
For the first time since 2005, London’s share of the rating pool will not increase at the 2023 revaluation.
Avison Young forecast that London’s share will remain broadly constant at 30%, the same percentage share as in the current 2017 revaluation.
The strongest performing sector, logistics, is not dominant in the capital and this has somewhat curtailed London’s historically unparalleled growth. Had prime retail in Central London not been comparatively resilient through to 2019, the London/regional impact could have been even starker and resulted in London’s share actually falling.
Whilst the growth in logistics has undoubtedly been a key driver for the regions, this was supported by strong growth in the office markets in many of the regional cities which have recently faced supply constraints. These strong sectoral performances helped counterbalance the large falls in rateable values in the retail sector. These were particularly evident in the regional secondary towns and pitches in the larger cities.
The London/Regional proportions of the rateable value pool have been calculated adopting the Local list assessments only
Regional liability variances
Comparison of rates liability at the end of the 2017 rating list (2022/23) and the start of the 2023 rating list (2023/24), by region.
CLICK TO COMPARE RATES