On 30 September 2016 The Valuation Office agency (VOA) published the draft Rating Lists and made these available on it’s website, containing the rateable values for all non-domestic properties in England and Wales that will take effect from 1 April 2017.
The revaluation in Scotland takes effect at the same time and the Valuation Rolls will be published at the end of 2016.
The new figures cover all 1.9 million non-domestic properties in England and Wales and whilst these valuations come into effect on 1st April 2017, they are based upon open market rental levels at 1st April 2015. Current rateable values are effective from 1st April 2010 and are based upon a rental valuation date of 1st April 2008. The UK economy and the property market has changed significantly between these two valuation dates and consequently, the draft rating lists reflect this movement in value both upwards and downwards.
As a result of this revaluation, the total RV in England indicates an overall increase in excess of 9%, whereas in Wales there is an overall reduction in total RV approaching 3%.
Different types of property show different degrees of change. Retail properties for instance show and overall increase, across England of 4.7% however, this masks significant declines in some areas and large increases elsewhere. This is also demonstrated by a total increase in office values across England in excess of 11% and for industrial property around a 4% increase, again with a wide variation of increases and decreases in different areas for both of these categories. There are also winners and losers in the other less “bulk” classes of properties.
In Wales a reduction in overall RV is the more general picture, with retail values down by nearly 9%; a 7% reduction in office values and the valuations for industrial properties falling by 4%.
The current figures are only draft valuations and can be changed by the VOA at any time before 1st April 2017, without notification. However, no appeals against these valuations can be made until they come into force in April 2017.