Non-domestic rating: stock of properties including business floorspace statistical commentary

Question 1

1.  Headline figures

Accepted Answer

1.1 Properties in England and Wales on the Local Rating List at 31 March 2023:

The stock of properties at 31 March 2023 was

2.15 million

Up from 2.14 million at 31 March 2022

The total rateable value of the properties at 31 March 2023 was

£65.9 billion

Down from £66.0 billion at 31 March 2022

The total floorspace of the properties at 31 March 2023 was

581.5 million metres squared

Up from 580.8 million metres squared at 31 March 2022

The overall rateable value per metre squared of the properties at 31 March 2023 was

£86

No change from £86 at 31 March 2022

Question 2

2.  The Central Rating List in England and Wales

Accepted Answer

Rates from central rating list rateable properties in England are paid directly to the Department of Levelling Up, Housing and Communities (DLUHC), and in Wales are paid to the Welsh Government.

the total rateable value of properties on the central list at 31 March 2023 was £3.7 billion
the properties in England accounted for £3.5 billion (95%) of this total and in Wales accounted for the remaining £0.2 billion (5%)

The total rateable value of the central list reported in this publication is not directly comparable with the 2017 central list figures reported in the 2023 Revaluation statistical release published in April 2023.

The 2023 Revaluation statistical release aims to compare rateable values of properties which were valued on both the 2017 and 2023 rating lists. As some properties moved from local rating lists to the central lists at the recent revaluation, the value of those properties was added to the total rateable value for the 2017 central list, so comparisons could be made between the 2017 and 2023 central lists. For this reason, the central rating list figures in this publication should not be compared with figures in the 2023 Revaluation statistical release. To compare the 2017 and 2023 central rating lists please use the 2023 Revaluation statistical publication.

The remainder of this statistical commentary refers to the local rating list.

Question 3

3.  Time series of the stock of Properties in England and Wales

Accepted Answer

The following section shows the changes to property counts and total rateable value (RV) over time. Each time series covers four distinct Rating Lists (2000, 2005, 2010 and 2017) and shows data at 31 March for each year.

Figure 1: Number of rateable properties in England and Wales

Source: NDR Stock of Properties (Table 3.1)

Figure 1 shows the total number of properties in England and Wales at 31 March of each year from 2001 to 2023. The number of properties has been steadily increasing since 31 March 2001; at 31 March 2023 it had increased from 1.74 million to 2.15 million (an increase of 23%). Between 1 April 2022 and 31 March 2023, the number increased from 2.14 million by 4,930 (less than 1%).

Figure 2: Total rateable value in England and Wales

Source: NDR Stock of Properties (Table 3.2)

Figure 2 shows total RV in England and Wales at 31 March of each year from 2001 to 2023. Each sharp increase in total RV coincides with the end of a revaluation cycle and the introduction of a new Rating List. Since 31 March 2018 (the first full year of the 2017 Rating List), total RV has decreased from £66.0 billion by £35.9 million (less than 0.1%). Between 1 April 2022 and 31 March 2023, RV decreased from £66.0 billion by £80.3 million (less than 1%).

3.1 Distribution by sector

‘Sector’ consists of the following categories: Retail, Industrial and Office (RIO), which is a categorisation commonly used by those in the surveying profession. VOA statisticians have, in conjunction with operational colleagues, mapped each SCat code to one of the three categories. The ‘Other’ category was created to cover SCat codes which could not be readily assigned to ‘Retail’, ‘Office’ or ‘Industry’. This includes Assembly and Leisure, Education, Health, Hotels, and Utilities – for more details see Figure 9.

Further detail on sector composition is available in the Background Information document and Metadata files.

Figure 3: Number of rateable properties by sector in England and Wales

Source: NDR Stock of Properties (Tables 4.1, 5.1, 6.1 & 7.1)

Figure 3 shows the total number of properties in each sector in England and Wales at 31 March of each year from 2001 to 2023.

Since 31 March 2001:

the number of properties in the Retail sector has decreased by 4%, from 537,840 to 516,240
the Office sector has increased by 61%, from 271,090 to 435,700 properties
the Industry sector has increased by 17%, from 478,240 to 557,780
the Other sector has increased by 40%, from 455,140 to 635,550

In the latest financial year (1 April 2022 to 31 March 2023):

the number of properties in the Retail sector has decreased by 1,760 (less than 1%)
the Office sector has decreased by 4,140 (1%)
the Industry sector has increased by 4,030 (1%)
the Other sector has increased by 6,800 (1%)

Figure 4: Total rateable value by sector in England and Wales

Source: NDR Stock of Properties (Tables 4.2, 5.2, 6.2 & 7.2)

Figure 4 shows total RV in each sector in England and Wales at 31 March of each year from 2001 to 2023. Each sharp increase coincides with the end of a revaluation cycle and the introduction of a new Rating List. Since 31 March 2018 (the first full year of the 2017 Rating List):

the total RV for the Retail sector has decreased by 2%, from £16.9 to £16.6 billion
the Office sector has decreased by 4%, from £15.3 to £14.7 billion
the Industry sector has increased by 4%, from £14.1 to £14.6 billion
the Other sector has increased by 1%, from £19.7 to £20.0 billion

In the latest financial year (1 April 2022 to 31 March 2023):

the total RV for the Retail sector has decreased by £155 million (1%)
the Office sector has decreased by £145 million (1%)
the Industry sector has increased by £162 million (1%)
the Other sector has increased by £58 million (less than 1%)

Question 4

4.  The Stock of Properties in England and Wales at 31 March 2023

Accepted Answer

The following section shows a more detailed view of property counts and total RV at 31 March 2023.

4.1 Distribution by sector

Figure 5: Number of rateable properties by sector in England and Wales

Source: NDR Stock of Properties (Tables 4.1, 5.1, 6.1 & 7.1)

Figure note: Counts are rounded to the nearest 10

Figure 5 shows property counts by sector at 31 March 2023. The Other sector had the highest count with 636 thousand properties (30% of the total properties). The Office sector had the lowest count with 436 thousand properties (20%).

Figure 6: Total rateable value by sector in England and Wales

Source: NDR Stock of Properties (Tables 4.2, 5.2, 6.2 & 7.2)

Figure note: RV totals are rounded to the nearest £100 million

Figure 6 shows total RV by sector at 31 March 2023. The Other sector had the highest total RV with £20.0 billion (30% of the overall total RV). The Industry sector had the lowest total RV with £14.6 billion (22%).

4.2 Distribution by region

Figure 7: Number of rateable properties by region and sector

Source: NDR Stock of Properties (Tables 4.1, 5.1, 6.1 & 7.1)

Figure note: Counts are rounded to the nearest 10

Figure 7 shows property counts by region and sector at 31 March 2023. London had the highest count with 319 thousand properties (15% of the total properties). The North East had the lowest count with 90 thousand properties (4%).

Figure 8: Total rateable value by region and sector

Source: NDR Stock of Properties (Tables 4.2, 5.2, 6.2 & 7.2)

Figure note: RV totals are rounded to the nearest £100 million

Figure 8 shows total RV by region and sector at 31 March 2023. London had the highest total RV with £19.7 billion (30% of the overall total RV). The North East had the lowest total RV with £2.2 billion (3%).

4.3 Distribution by rateable value band

Distributions by rateable value band are presented as tables rather than charts as the band ranges are not consistent sizes, therefore totals should not be compared directly.

Table 1: Number of rateable properties by rateable value band and sector

Rateable value band	Retail	Office	Industry	Other	Total
£0-5.9k	167,410	211,430	241,250	326,030	946,120
£6-11.9k	151,960	88,440	128,810	103,140	472,330
£12-14.9k	38,510	21,660	31,470	30,540	122,190
£15-50.9k	109,700	72,010	107,090	106,450	395,240
£51k+	48,670	42,160	49,160	69,400	209,390

Source: NDR Stock of Properties (Table 2.1)

Table notes: Counts are rounded to the nearest 10. Totals may not sum due to rounding.

Table 1 shows property counts by RV band in England and Wales at 31 March 2023. There were 1.4 million properties (66% of the total properties) with an RV of less than £12,000. A further 122 thousand properties (6%) had an RV of £12,000 to £14,999. Properties with an RV of at least £15,000 accounted for 28% of all properties.

Table 2: Total rateable value by rateable value band and sector

Rateable Value Band	Retail (£m)	Office (£m)	Industry (£m)	Other (£m)	Total (£bn)
£0-5.9k	629	587	676	755	2.6
£6-11.9k	1,296	754	1,099	866	4.0
£12-14.9k	510	287	417	402	1.6
£15-50.9k	2,861	1,938	2,892	2,924	10.6
£51k+	11,295	11,171	9,551	15,037	47.1

Source: NDR Stock of Properties (Table 2.1)

Table notes: Sector figures are rounded to the nearest £1 million. RV band totals are rounded to the nearest £100 million. Totals may not sum due to rounding.

Table 2 shows total RV by RV band in England and Wales at 31 March 2023. Properties with an RV of under £15,000 had a total RV of £8.3 billion, accounting for 13% of the overall total. Only 6,440 (less than 1%) of properties in England and Wales had an RV of at least £1 million, however, their total RV adds up to £15.0 billion (23% of the overall total).

4.4 Distribution by sub-sector

Figure 9: Number of rateable properties by sector and sub-sector in England and Wales

Source: Stock SCat, 2023 (Table 1.1)

Figure note: Counts are rounded to the nearest 10

Figure 9 shows property counts by sub-sector in England and Wales at 31 March 2023. The sub-sector with the most properties was Shops with 507,960. The sub-sector with the fewest properties was Residential Institutions with 420.

Figure 10: Total rateable value by sector and sub-sector in England and Wales

Source: Stock SCat, 2023 (Table 1.1)

Figure note: RV totals are rounded to the nearest £100 million

Figure 10 shows total RV by sub-sector in England and Wales at 31 March 2023. The sub-sector with the highest RV was Shops with £16.2 billion. The sub-sector with the lowest RV was Residential Institutions with £119.1 million.

Question 5

5.  Time series of Business Floorspace in England and Wales

Accepted Answer

The following section shows the changes to business floorspace, RV per metre squared, the number of properties without a floorspace and their associated RV over time. Each time series covers four distinct Rating Lists: 2000, 2005, 2010 and 2017 and shows data at 31 March for each year.

Floorspace is defined as the internal area in metres squared used to calculate a property’s rateable value. In most instances, this will not include communal areas such as kitchens and facilities such as toilets. Not all property types are given a rateable value based upon their floorspace. Only properties valued using their internal floor area are included in total floorspace counts and RV per metre squared. More information on which special categories are excluded from floorspace and rateable value per metre squared counts can be found in the Metadata files.

In England and Wales at 31 March 2023, rounded to the nearest 10:

a total of 1,703,330 properties across 158 SCat codes were included in the 2023 floorspace counts and RV per metre squared; this accounts for around 79% of all properties on the NDR Rating List
515,190 of these properties with floorspace were in the Retail sector (almost 100% of all Retail sector properties)
435,700 properties were in the Office sector (100%)
552,370 properties were in the Industry sector (99%)
200,080 properties were in the Other sector (31%)

5.1 Floorspace

Figure 11: Total floorspace in England and Wales

Source: NDR Business Floorspace, 2023 (Table 1.1)

Figure note: The y-axis has been zoomed in so that the trend over time is visible

Figure 11 shows the total floorspace in England and Wales at 31 March of each year from 2001 to 2023. Total floorspace increased from 571.3 million metres squared in 2001 to 581.4 million in 2007, but between 2008 and 2011 total floorspace decreased by 8.7 million metres squared (1%); this reflects the effects of the global financial crisis that happened in 2007 to 2008. From 2011, floorspace has been steadily increasing again, and was 581.5 million metres squared at 31 March 2023.

Figure 12: Total floorspace by sector in England and Wales

Source: NDR Business Floorspace, 2023 (Tables 2.1, 3.1, 4.1 & 5.1)

Figure 12 shows the total floorspace of each sector in England and Wales at 31 March of each year from 2001 to 2023. The decrease in floorspace from 2008 to 2011 (figure 11) is only reflected in the Industry sector, which saw a reduction in floorspace in the 3 years following the global financial crisis, while all other sectors saw less fluctuation in this time. The Office sector saw a reduction in floorspace from 2020 following the covid-19 pandemic, whilst the Industry sector saw an increase in floorspace in the same period. Changes in the Retail and Other sector are less notable.

Overall, in the 22 year period since 31 March 2001:

the total floorspace of the Retail sector has increased by 8%, from 96.3 to 103.9 million metres squared
the Office sector has increased by 4%, from 79.5 to 83.1 million metres squared
the Industry sector has decreased by 2%, from 344.9 to 337.8 million metres squared
the Other sector has increased by 12%, from 50.5 to 56.8 million metres squared

In the latest financial year (1 April 2022 to 31 March 2023):

the total floorspace of the Retail sector has decreased by 793,090 metres squared (1%)
the Office sector has decreased by 1,464,320 metres squared (2%)
the Industry sector has increased by 2,739,530 metres squared (1%)
the Other sector has increased by 221,250 metres squared (less than 1%)

5.2 Rateable value per metre squared

Figure 13: Rateable value per metre squared in England and Wales

Source: NDR Business Floorspace, 2023 (Table 1.2)

Figure 13 shows the RV per metre squared in England and Wales at 31 March of each year from 2001 to 2023. Each sharp increase results from the end of a revaluation cycle and the introduction of a new Rating List. Since 31 March 2018 (the first year of the 2017 Rating List), total RV has remained constant at £86.

Figure 14: Rateable value per metre squared by sector in England and Wales

Source: NDR Business Floorspace, 2023 (Tables 2.2, 3.2, 4.2 & 5.2)

Figure 14 shows the RV per metre squared of each sector in England and Wales at 31 March of each year from 2001 to 2023. As in figure 13, each sharp increase results from the end of a revaluation cycle and the introduction of a new Rating List. Since 31 March 2018 (the first year of the 2017 Rating List):

the RV per metre squared of the Retail sector has increased by less than 1%; it was £158 in both 2018 and 2023
the Office sector has increased by 4%, from £171 to £177
the Industry sector has increased by 2%, from £39 to £40
the Other sector has increased by 2%, from £88 to £89

In the latest financial year (1 April 2022 to 31 March 2023):

the RV per metre squared of the Retail sector did not change from £158
the Office sector increased from £176 to £177
the Industry sector did not change from £40
the Other sector did not change from £89

5.3 Properties excluded from floorspace statistics

This section describes properties which are not valued using their internal floor area, for example, Hotels. More information on which special categories are excluded from floorspace and rateable value per metre squared counts can be found in the Metadata files.

Figure 15: Number of rateable properties excluded from floorspace statistics in England and Wales

Source: NDR Business Floorspace, 2023 (Table 6.1)

Figure 15 shows the total number of properties excluded from floorspace statistics in England and Wales at 31 March of each year from 2001 to 2023. Over that time, the number of properties without a floorspace has increased by 42%, from 311 thousand to 442 thousand. Between 1 April 2022 and 31 March 2023, the number increased from 436 thousand by 1%. At 31 March 2023, properties without a floorspace accounted for 21% of the total properties.

Figure 16: Total rateable value of properties excluded from floorspace statistics in England and Wales

Source: NDR Business Floorspace, 2023 (Table 6.2)

Figure 16 shows the total RV of properties excluded from floorspace statistics in England and Wales at 31 March of each year from 2001 to 2023. Each sharp increase in total RV results from the end of a revaluation cycle and the introduction of a new Rating List. Since 31 March 2018 (the first year of the 2017 Rating List), the total RV of properties without a floorspace has increased by less than 1%, from 16.1 billion to 16.2 billion. At 31 March 2023, the RV of properties without a floorspace accounted for 24% of the total RV.

Question 6

6.  Further Information

Accepted Answer

More information about this release can be found in the Background Information document

Further information on the area codes used in this can be found on the ONS website

More information on statistics at the VOA can be found on the Agency’s website: About VOA statistics

Timings of future releases are regularly placed on the VOA research and statistics calendar

We will keep the format of this document under review to continue improving the presentation of our statistics, and welcome feedback from users on the value of the information provided in this commentary – please forward any comments to the Statistics Inbox

Non-domestic rating: stock of properties including business floorspace statistical commentary

1. Headline figures

1.1 Properties in England and Wales on the Local Rating List at 31 March 2023:

2. The Central Rating List in England and Wales