It’s almost here!

From 1 April 2026, a new Rating List will take effect across England and Wales, bringing updated Rateable Values (RVs) for all commercial properties. These values, which determine your business rates bill, are based on rental market conditions as of 1 April 2024. With the commercial property market having shifted significantly since the last revaluation, we’re expecting notable fluctuations across both sectors and regions. Some businesses may benefit from reduced liabilities, while others could face sharp increases.

Even a small shift in your RV can lead to a substantial change in your annual liability — making it vital to check that new valuation is accurate and fair.

The draft 2026 Rating List is expected to be published in November 2025. This draft gives you a first glimpse of your new RV and a vital chance to review, question or challenge it before the list is locked in.

For many businesses, this is an opportunity to spot inaccuracies or errors, and prepare a challenge.

Alongside new valuations, a series of policy updates will change the way rates are calculated for many properties in England:

Tiered Multipliers (England only)

• Properties under £500,000 RV (especially in retail, hospitality, and leisure) will pay a lower business rates multiplier
• Properties over £500,000 RV will pay a supplement, increasing their liability

Transitional Relief Scheme

• Designed to soften the impact of sharp RV increases
• Details expected in the Autumn Budget 2025

Improvement Relief

• 12 months of 100% rates relief on qualifying property improvements (from 2024 onwards)

Business rates bills are a product of RV x Multiplier. The 2026/27 multiplier is expected to rise in line with inflation — which could be 3.5%–3.7%, based on current projections.

Unless the government caps it (as it has done before), this would see:

• Small business multiplier rise from 0.499 to approx. 0.5175
• Standard multiplier rise from 0.555 to approx. 0.5755

Industrial & Logistics

• 25-30% Increase
• Continued demand and growth, especially in key distribution hubs.

Offices

• 5-10% Increase
• Prime city offices climbing. Older or regional stock may fall

Retail

• Flat to slight decrease.
• Small high street units may see reductions continue, but larger outlets or supermarkets could face upward shifts, especially outside relief-eligible categories.

Hospitality & Leisure

• Varied changes.
• Strong performance in some regions; declines in others.

Location will play a massive role in how RVs change. Here’s what we’re seeing:

• London: +5% to +10% | Inner city offices stable; outer borough industrial surging
• South West: +8% to +12% | Logistics strength around Bristol and Exeter
• North East: –5% to +5% | Soft retail and office markets with isolated industrial growth
• North West: +5% to +10% | Growth led by Manchester and Liverpool
• Midlands: +10% to +18% | East Midlands Gateway and Black Country are key drivers
• Wales: –2% to +6% | Cardiff and industrial areas improving; rural retail lags

For any business or property owner, October’s draft list is your warning shot. It's your chance to review your upcoming liability and ensure you're not overpaying due to outdated or inaccurate property data.

Act Now! Get a No-Cost, No-Obligation Business Rates Review from Gee Associates Ltd