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Business Rates

2017 Rating Revaluation - Impact on Business Rates across London

Businesses across the Capital will need to be aware that their rating assessments are currently being re-valued with the new Rating List coming into force on 1st April 2017.

Click on the map to view business rate changes by London area or select an area from the dropdown.


Understanding the London Business Rates Map

The new Rating List which came into force on 1st April 2017 heralds changes to the level of business rates charged across London, with rateable values based on rental levels at 1 April 2015. The 2017 rating revaluation sees the largest changes to business rates for London businesses for over a decade. London bears the brunt of the business rates increases and our heat map reflects the impact businesses will face this year within each submarket.

Those areas with the strongest increases are in dark red and those in the lowest are in lilac. The transformation of London into a Global Capital since the last revaluation has resulted in significant changes in demand for fringe locations.

Business Rates Map

This is readily shown in the rise of the TMT sector around Kings Cross & Silicon Roundabout, the regeneration of Southwark with the iconic Shard, along with the transformation of Stratford and the Olympic Park. Business in these locations are likely to experience some of the biggest increases in rates.

Similarly, the demand for skyscrapers in the core City markets will also see businesses in these locations receive significant changes in rates. Our map reflects the increases in the rateable values across the various sub markets for 2017.

 

1

2

3

4

5

6

7

8

Rates Payable

Paddington

West End Core

North of Mayfair

Noho

Victoria

Soho

Covent Garden

Bloomsbury

2016/17

£21.61

£49.12

£38.78

£26.37

£30.25

£33.61

£28.82

£24.01

2017/18

£24.00

£50.28

£36.57

£27.47

£33.14

£32.00

£29.71

£22.85

Increase

11.0%

2.4%

-5.7%

4.0%

9.5%

4.7%

3.0%

-4.8%

 

 

9

10

11

12

13

14

15

16

Rates Payable

Euston & Kings Cross

City Core

Holborn

SE1

Shoreditch/
Clerkenwell

Aldgate/

Clerkenwell

Canary Wharf

 

Isle of Dogs

2016/17

£26.88

£22.25

£26.42

£20.16

£16.10

£17.32

£16.80

£9.61

2017/18

£30.85

£27.35

£26.28

£22.40

£21.12

£21.70

£17.14

£10.51

Increase

14.8%

22.9%

-0.5%

11.1%

31.2%

25.4%

2.0%

9.4%

 

We have carried out a number of reviews across the property market on the impact of the revaluation and these reports are available on request. A summary of the findings on London are set out below.

The average Rateable Value (RV) increases in London are:

  • 26% on Retail
  • 21% on Offices and
  • 5% on Industrial premises

 

How Knight Frank can help you

As one of the leading specialist teams in this sector, we offer a full rates management service which will ensure that this costly overhead is mitigated at every stage.


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