The Business Centre Association (BCA) has urged the commercial property market to take immediate action to limit the damage from the 2010 revaluation list, which comes into force on 1 April 2010.
The Valuation Office Agency (VOA) calculates the revaluation on a snapshot of rental values as of 1 April 2008. The BCA says that as this date was prior to the onset the recession, it does not provide a true reflection of today’s rental values.
The BCA says is estimated that the West End could see prime rateable values more than double with a rise of 130%. Rates in Birmingham are expected to rise by 14% whilst properties in Manchester are expecting a rates increase of 13%.
Jennifer Brooke, executive director at the BCA, said: “It is essential that the flexible space sector and wider commercial property market takes immediate action. Businesses must ensure that their 2005 list assessment accurately reflects their businesses and should appeal for retrospective liability before the 31st March 2010.
