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Weekly Edition - Published 05 September 2015

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2017 Countdown – Retailer Winners from Rating Revaluation

ON  1 September 2015,  Colliers International's independent research reveals the nation's top regional anticipated 'winners' for the retail industry when the new rateable values are introduced on 1 April 2017, resulting in a substantial shift for the industry.

With so many businesses closing in the Town Centre it might come as a shock that Southport is amongst the top 20 Towns across the UK, to be listed as benefiting from the new rateable values!  The research says that Southport is to expect a reduction in business rates of 41%.  Other Towns in the North West to benefit from reduced values include Rochdale (-40.20%), Crewe (-37.90%), Stockport (-35.41%), Ashton-under-Lyne (-35.41%), Oldham (-33.36%), Stretford (-32.30%), Barrow-in-Furness (-31.11%), Northwich (-29.41%), Warrington (-16.82%) and Manchester City (-17%).  But will this good news bring back business to our failing Town Center?

In Merseyside, the Top Towns to benefit from reduced rateable values in retail include, not only Southport with a -41% reduction, but also:- St Helens (-38%), Birkenhead (-36%), Bootle (-29%), Liverpool (-17%) and Ellesmere Port (-10%).

Colliers' comprehensive research examines 421 centres surveyed by the company and compares the results with the Valuation Office Agency (VOA's) current values. These findings are based on the prime locations in these retail centres.

Top 20 Retail Towns to benefit from the 2017 Revaluation include:-

Adam Burke, Director in Colliers International's Manchester Rating team, commented:- "The regional retailers are finally seeing relief on the horizon from the values taken on 1 April 2015 coming into effect on 1 April 2017.  The huge swing in values is due to the Government postponing the revaluation, which was meant to commence this year, so instead of having a 5 year cycle we now have a seven year cycle. This long delay in revaluation is like stretching a rubber band, which when it snaps has a significant impact. The effect is evident that we need shorter revaluation cycles, perhaps of about 3 years, in order to capture the rapidly changes relative values."

Extra information and stats:-

►  Top 10 London areas where rateable values are anticipated to decrease include Ealing (-46%), Ilford (-38%), Enfield (-35%), Harrow (-34%), Barking (-30%), Sutton (-19%), Fleet Street (-13%), Tottenham Court Road (-12%), Hounslow (-10%) and Bexleyheath (-5%).

►  The South East*, excluding London, also showed rateable value decreases in:- Dover (-41%), Gravesend (-35%), Worthing (-32%), Fareham (-28%) and Chatham (-24%).

►  Wales' Top 10 Towns to benefit from reduced rateable values in retail include:- Newport (-80%), Port Talbot (-64%), Neath (-56%), Pontypridd (-44%), Llanelli (-42%), Bridgend (-40%), Llandudno (-40%), Merthyr Tydfil (-34%), Haverfordwest (-28%) and Wrexham (-28%).

►  The South West the top 10 Towns to benefit from reduced rateable values in retail include:- Torquay (-45%), Gloucester (-39%), Yeovil (-34%), Bournemouth (-30%), Swindon (-28%), St Austell (-28%), Weston-Super-Mare (-28%), Taunton (-25%), Penzance (-22%) and Christchurch (-18/%).

►  West Midlands' top 10 Towns to benefit from reduced rateable values in retail include:- Tamworth (-56%), Kidderminster (-42%), Bromsgrove (-42%), Northfield (-34%), Kings Heath (-34%), Halesowen (-1%), Rugby (-31%), Newcastle-under-Lyme (-22%), Nuneaton (-21%) and West Bromwich (-19%).

►  In Yorkshire Humberside, the top Towns to benefit from reduced rateable values in retail include Dewsbury (-43%), Scunthorpe (-41%), Keighley (-40%), Sheffield (-24%), Bradford (-23%), Rotherham (-19%) and Grimsby (-17%).

► North East's top 10 Towns to benefit from reduced rateable values in retail include:- Stockton-on-Tees (-42.04%), South Shields (-41.28%), Redcar (-38.49%), North Shields (-37.21%), Middlesbrough (-36.90%), Whitley Bay (-36.68%), Hartlepool (-34.91%), Peterlee (-33.76%), Newcastle Upon Tyne (-24.65%) and Berwick-upon-Tweed  (-15.75%).

► In the Eastern* region, the top Towns to benefit from reduced rateable values in retail include:- Lowestoft (-40.61%), Hemel Hempstead  (-39.45%), Southend-on-Sea  (-39.16%), Waltham Cross (-37.21%), Great Yarmouth (-35.41%), Stevenage (-33.82%), Kings Lynn (-25.76%) and Dunstable (-24.90%).

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