Towns to benefit from rate changes

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Retailers in five towns across the region will be among the top 20 beneficiaries in the UK when new rateable values come into effect in April 2017, according to research by global real estate company Colliers International.

The five towns in the North East set to benefit from the rate changes are Dewsbury, which is set to see a 42 per cent decrease, Stockton-on-Tees, minus 42 per cent, Scunthorpe, minus 41 per cent, South Shields, minus 41 per cent, and Keighley, minus 40 per cent.

Mick O’Donoghue, director in Colliers International rating team in Leeds, said: “The regional retailers are finally seeing relief on the horizon from the values taken on April 1, 2015 coming into effect on April 1, 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 five-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 three years, in order to capture the rapidly changes relative values.”

Other towns in Yorkshire to benefit in retail include Sheffield, Bradford, Rotherham and Grimsby.