Official Statistics

Non-domestic rating: Reval 2026 draft list statistical commentary

Published 26 November 2025

Applies to England and Wales

About this release

This statistical release shows the change in the rateable value of non-domestic properties as a result of the 2026 revaluation, to reflect changes in the property market since the previous revaluation in 2023. 

Rateable value determined by the Valuation Office Agency (VOA) provides the basis for national non-domestic (business) rates bills. 

This release compares changes between the 2023 rating lists and 2026 draft rating lists by sector and geography as well as the distribution of rateable value of properties. The revaluation will take effect from 1 April 2026, updated statistics based on the live (2026) rating lists will be published in April 2026. The final stock of properties figures for the 2023 rating list will also be published in April 2026. 

The statistics presented in this release are consistent with the draft list published on 26 November 2025, the data for which were generated on 16 November 2025. The VOA publishes the draft list in advance of the date the new rating lists take effect to allow ratepayers to check the details the VOA holds about their property are correct before business rates bills are issued. In the period from the draft list publication and the final compiled list going live, changes will be made to the list as part of “dual list maintenance” largely reflecting changes to the previous 2023 list, as reported in the quarterly NDR Challenges & Changes official statistics. 

Maps which show the change in rateable value between the 2023 and 2026 local rating lists across regions have been added to the statistical commentary for this release. Maps are produced for the retail, industry and office sectors along with a map for all sectors combined. The maps apportion the regions into coloured bands based on the change in rateable value between lists. The thresholds for these bands are consistent across sectors to allow for easy comparison. However, the map showing total change in rateable value uses different bands, to better reflect regional differences. 

Responsible Statistician 

Anna McReady 

Statistical enquiries 

statistics@voa.gov.uk

1. Headline figures 

The 2026 revaluation has shown an increase in the total rateable value across England and Wales. 

1.1. Local list 

There were 2.13 million properties on the 2026 draft list in England and Wales as of 16 November 2025. 

The total rateable value of these properties was £84.4 billion compared with £70.8 billion on the 2023 rating list. 

• Total rateable value on the local lists for England and Wales increased by 19.2%. 

• Total rateable value for England increased by 19.4%. 

• Total rateable value for Wales increased by 15.2%. 

In addition: 

• Rateable value in the London region saw the largest percentage increase of any region in England, with an increase of 22.3%. 

• Rateable value in the East Midlands region saw the smallest percentage increase of any region in England, with an increase of 16.0%. 

• Rateable value increased in all sectors across England and Wales at revaluation, with the largest percentage increase in the other sector, with an increase of 28.2%. 

• The retail sector saw the smallest percentage increase of any sector across England and Wales, with an increase of 9.3%.  

1.2. Central list 

The central rating list contains the rating assessments of the network property of major transport, utility and telecommunications undertakings and cross-country pipelines. 

The total rateable value on the 2026 draft central rating list on 16 November 2025 was £5.3 billion. This breaks down into £5.1 billion for England and £0.3 billion for Wales. 

• Rateable value across England and Wales has increased by 34.4% between the 2023 and 2026 central rating lists. 

• Rateable value for England increased by 33.9%. 

• Rateable value for Wales increased by 43.8%. 

This statistical release aims to compare rateable values of properties which were valued on both the 2023 and 2026 rating lists. Properties can move from the local rating lists to the central lists between revaluations. In the 2026 list, there were no new additions to the central list. 

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

2. Total rateable value by sector 

This section compares the total rateable value on the 2023 local rating list and the draft 2026 local rating list for each sector in England and Wales. 

Figure 1: Total rateable value on the 2023 and 2026 rating lists by sector, England

Source: NDR Revaluation 2026 draft list (Table RVL_4_2) 

Figure 1 shows the total rateable value (£billions) in England on the 2023 local rating list and the 2026 draft list for each sector. All sectors in England showed an increase in total rateable value in the 2026 draft list compared with the 2023 list. 

Figure 2: Total rateable value on the 2023 and 2026 rating lists by sector, Wales

Source: NDR Revaluation 2026 draft list (Table RVL_4_3) 

Figure 2 shows the total rateable value (£billions) in Wales on the 2023 local rating list and the 2026 draft list for each sector. All sectors in Wales showed an increase in total rateable value in the 2026 draft list compared with the 2023 list. 

3. Percentage change in rateable value by sector 

Figure 3: Percentage change in rateable value between 2023 and 2026 rating lists by sector, England and Wales

Source: NDR Revaluation 2026 draft list (Table RVL_1_1) 

Figure 3 shows the percentage change in rateable value between the 2023 rating list and the draft 2026 rating list for each sector as well as for all sectors in England and Wales. Across all sectors, England showed a larger percentage increase than Wales. 

4. Total rateable value by region 

This section compares the total rateable value on the 2023 local rating list and the draft 2026 local rating list for each region in England and Wales. 

Figure 4: Total rateable value on the 2023 and 2026 rating lists for English regions and Wales, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_2_1) 

Figure 4 shows the total rateable value (£billions) from the 2023 local rating list and the 2026 draft local rating list for each region in England and Wales. 

5. Percentage change in rateable value by region 

This section shows the percentage change to rateable value between the 2023 local list and 2026 draft local list, by region. 

Figure 5: Percentage change in rateable value between 2023 and 2026 rating lists by region and nation, England and Wales, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_1_1) 

Figure 5 shows the percentage change in rateable value between the 2023 rating list and the draft 2026 rating list for each region in England and Wales. The largest percentage change to rateable value was in London, at 22.3%. The smallest change was Wales, at 15.2%. The region in England with the smallest change was East Midlands, at 16.0%. 

Figure 6: Map showing percentage change in rateable value (RV) between 2023 and 2026 rating lists for English regions and Wales, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_1_1) 

Figure 6 is a choropleth map which shows the regional differences in percentage change in rateable value in all sectors at revaluation. All regions of England fall into the 16% to 20% categories, except London with a percentage change of 22.3%. Wales had the smallest increase, at 15.2%. 

6. Contribution of each sector to the total change in rateable value in England and Wales 

Figure 7: Percentage change that each sector contributes to the total percentage change in rateable value across all sectors from the 2023 to the 2026 rating list, England and Wales

Source: NDR Revaluation 2026 draft list (Tables RVL_2_1-2_5) 

Figure 7 shows the contribution that each sector has made towards the total change in rateable value of 19.2% across England and Wales. The graph shows the percentage increase or decrease each individual sector has made to total rateable value from the 2023 list to the 2026 draft list. This graph does not show the total percentage change to rateable value within each sector, which is provided in Figure 4. Each sector is made up of a similar number of rateable properties, ranging from 429,400 in the office sector to 625,730 in the ‘other’ sector. 

7. Contribution of each region and nation to the total change in rateable value in England and Wales 

Figure 8: Percentage change that each region and nation contribute to the total percentage change in rateable value from the 2023 list to the 2026 rating list, England and Wales, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_2_1) 

Figure 8 shows the contribution that each region has made towards the total change in rateable value of 19.2% across England and Wales. The graph shows the percentage increase or decrease each individual region has made to total rateable value from the 2023 list to the 2026 draft list. This graph does not show the total percentage change to rateable value within each region, which is provided in Figure 5. 

8. Change by rateable value interval 

This section breaks down how rateable properties and rateable value are distributed across different rateable value intervals. Between lists, changes in the total rateable value can be caused by both changes in the rateable value of properties within the intervals and by movement of properties into different intervals. 

Figure 9: Distribution of properties across rateable value intervals on the 2023 and 2026 rating lists, England and Wales, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_3_1) 

Figure 9 shows the number of properties in each rateable value interval for the 2023 rating list compared with the draft 2026 rating list for England and Wales. This shows that the distribution of rateable value is highly skewed, where 35.5% of properties have a rateable value in the £0 to £6,000 range, and 58.3% of properties have a rateable value of £12,000 or less. While the number of properties in the £0 to £6,000 and £6,001 - £12,000 intervals have decreased between the 2023 rating list and the draft 2026 rating list, the number of properties in every other band has increased. 

Figure 10.1: Rateable property distribution on the 2026 rating list by rateable value interval, England, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_3_1) 

Figure 10.2: Rateable value distribution on the 2026 rating list by rateable value interval, England, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_3_1) 

Figure 10.1 shows the distribution of rateable properties and Figure 10.2 shows the distribution of rateable value across different rateable value intervals in England on the draft 2026 rating list. Together, these figures show that most rateable properties are in the lower rateable value intervals, but the majority of total rateable value comes from the smaller number of properties in the two highest rateable value intervals (£51,000 and over). 

Figure 11.1: Rateable property distribution on the 2026 rating list by rateable value interval, Wales, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_3_1) 

Figure 11.2: Rateable value distribution on the 2026 rating list by rateable value interval, Wales, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_3_1) 

Figure 11.1 shows the distribution of rateable properties and Figure 11.2 shows the distribution of rateable value across different rateable value intervals in Wales on the draft 2026 rating list. Similar to the England figures, these figures show that while most rateable properties are in the lower rateable value intervals, the majority of total rateable value comes from the smaller number of properties in the two highest rateable value intervals (£51,000 and over). 

Figure 12: Change in rateable value (£billions) between 2023 and 2026 rating lists by rateable value interval, England and Wales, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_3_1) 

Figure 12 shows the change in total rateable value (£billions) for each rateable value interval for all sectors in England and Wales. 

Figure 13: Percentage change in rateable value between 2023 and 2026 rating lists by rateable value interval, England and Wales, all sectors

Source: NDR Revaluation 2026 draft list (Table RVL_3_1) 

Figure 13 shows the percentage change in total rateable value for each rateable value interval for all sectors in England and Wales. 

9. Change within the retail sector 

This section presents statistics on the change in rateable value at revaluation within the retail sector. Each sector has Special Category (SCat) codes assigned to it, which are operational codes used by the VOA to classify the basis for which a property is valued. Change in rateable value within the retail sector is broken down by region (Figure 14), SCat code (Figure 15), and by intervals of rateable value (Figure 16). The total percentage increase for the 512,150 hereditaments in the Retail Sector across England and Wales was 9.3%. 

Figure 14: Map showing percentage change in rateable value (RV) between 2023 and 2026 rating lists for English regions and Wales, retail sector

Source: NDR Revaluation 2026 draft list (Table RVL_1_1) 

Figure 14 is a choropleth map which shows the regional differences in percentage change in rateable value in the retail sector at revaluation.  

Figure 15: Total rateable value for 2023 and 2026 rating lists by Special Category (SCat) code description, England and Wales, retail sector

Source: NDR Revaluation 2026 draft list (Table RVL_4_1) 

Figure 15 compares total rateable value on the 2023 rating list and the draft 2026 rating list for the five Special Category (SCat) codes with the greatest total rateable value within the retail sector. All five of these highest value SCat codes increased in rateable value, with large shops (over 1850m2) having the smallest change (increased by £1 million). 

Figure 16: Change in rateable value (£billions) between 2023 and 2026 rating lists by rateable value interval, England and Wales, retail sector

Source: NDR Revaluation 2026 draft list (Table RVL_3_2) 

Figure 16 shows the change in total rateable value (£billions) for each rateable value interval for the retail sector in England and Wales. 

Figure 17: Percentage change in rateable value between 2023 and 2026 rating lists by rateable value interval, England and Wales, retail sector

Source: NDR Revaluation 2026 draft list (Table RVL_3_2) 

Figure 17 shows the percentage change in total rateable value for each rateable value interval for the retail sector in England and Wales. 

10. Change within the industry sector 

This section presents statistics on the change in rateable value at revaluation within the industry sector. Change in rateable value within the industry sector is broken down by region (Figure 18), SCat code (Figure 19), and by intervals of rateable value (Figure 20). The total percentage increase for the 565,040 hereditaments in the Industry Sector across England and Wales was 21.1%. 

Figure 18: Map showing percentage change in rateable value (RV) between 2023 and 2026 rating lists for English regions and Wales, industry sector

Source: NDR Revaluation 2026 draft list (Table RVL_1_1) 

Figure 18 is a choropleth map which shows the regional differences in percentage change in rateable value in the industry sector at revaluation.  

Figure 19: Total rateable value for 2023 and 2026 rating lists by Special Category (SCat) code description, England and Wales, industry sector

Source: NDR Revaluation 2026 draft list (Table RVL_4_1) 

Figure 19 compares total rateable value on the 2023 rating list and the draft 2026 rating list for the five Special Category (SCat) codes with the greatest total rateable value within the industry sector. 

Figure 20: Change in rateable value (£billions) between 2023 and 2026 rating lists by rateable value interval, England and Wales, industry sector

Source: NDR Revaluation 2026 draft list (Table RVL_3_3) 

Figure 20 shows the change in total rateable value (£billions) for each rateable value interval for the industry sector in England and Wales. 

Figure 21: Percentage change in rateable value between 2023 and 2026 rating lists by rateable value interval, England and Wales, industry sector

Source: NDR Revaluation 2026 draft list (Table RVL_3_3) 

Figure 21 shows the percentage change in total rateable value for each rateable value interval for the industry sector in England and Wales. 

11. Change within the office sector 

This section presents statistics on the change in rateable value at revaluation within the office sector. Change in rateable value within the office sector is broken down by region (Figure 22), SCat code (Figure 23), and by intervals of rateable value (Figure 24). The total percentage increase for the 429,400, hereditaments in the Office Sector across England and Wales was 14.3%. 

Figure 22: Map showing percentage change in rateable value (RV) between 2023 and 2026 rating lists for English regions and Wales, office sector

Source: NDR Revaluation 2026 draft list (Table RVL_1_1) 

Figure 22 is a choropleth map which shows the regional differences in percentage change in rateable value in the office sector at revaluation.  

There are only three Special Category (SCat) codes within the office sector: offices (including computer centres), offices headquarters/institutional and serviced offices. Offices (including computer centres) make up the vast majority of both properties (79.4%) and rateable value (94.7%) in the office sector. 

This section breaks down the office sector by intervals of rateable value. 

Figure 23: Change in rateable value (£billions) between 2023 and 2026 rating lists by rateable value interval, England and Wales, office sector

Source: NDR Revaluation 2026 draft list (Table RVL_3_4) 

Figure 23 shows the change in total rateable value (£billions) for each rateable value interval for the office sector in England and Wales. 

Figure 24: Percentage change in rateable value between 2023 and 2026 rating lists by rateable value interval, England and Wales, office sector

Source: NDR Revaluation 2026 draft list (Table RVL_3_4) 

Figure 24 shows the percentage change in total rateable value for each rateable value interval for the office sector in England and Wales. 

12. Change within the other sector 

The total percentage increase for the 625,730 hereditaments in the Industry Sector across England and Wales was 28.2%. The ‘other’ category was created to cover Special Category (SCat) codes which could not be readily assigned to ‘retail’, ‘office’ or ‘industry’. This includes hereditaments which fall under:  

• education  
• health  
• transport  
• leisure  
• accommodation  
• utilities 

This sector also includes some SCat codes which are associated with retail, industry or offices, but do not fall directly into these sectors for valuation purposes and are therefore grouped into the ‘other’ categories. These SCat codes are grouped in sub-sectors:  

• ‘Other – retail’  
• ‘Other – storage and distribution’ (an industry sub-sector)  
• ‘Other – offices’ 

There is also an ‘other – other’ sub-sector, which contains all remaining SCat codes that do not fit into a specific sector or sub-sector. For more information on these sub-sectors, please see tables RVL_4_1 to 4_3 of this release. This section breaks down the ‘other’ sector by sub-sector. 

Figure 25: Total rateable value for 2023 and 2026 rating lists by sub-sector, England and Wales, ‘other’ sector

Source: NDR Revaluation 2026 draft list (Table RVL_4_1) 

Figure 25 compares total rateable value on the 2023 rating list and the draft 2026 rating list for each sub-sector in the ‘other’ sector. The Transport sub-sector had the largest percentage increase of all sub-sectors, driven by the increase in the rateable value of airports (see RVL_4_1). 

The assembly and leisure sub-sector is the largest in the ‘other’ sector in terms of rateable value. This sub-sector includes:  

• hospitality (such as pubs, cafes and restaurants)  
• sports and leisure facilities  
• museums  
• entertainment venues (such as cinemas and theatres). 

Figure 26: Change in rateable value (£billions) between 2023 and 2026 rating lists by rateable value interval, England and Wales, ‘other’ sector

Source: NDR Revaluation 2026 draft list (Table RVL_3_5) 

Figure 26 shows the change in total rateable value (£billions) for each rateable value interval for the ‘other’ sector in England and Wales. 

Figure 27: Percentage change in rateable value between 2023 and 2026 rating lists by rateable value interval, England and Wales, ‘other’ sector

Source: NDR Revaluation 2026 draft list (Table RVL_3_5) 

Figure 27 shows the percentage change in total rateable value for each rateable value interval for the ‘other’ sector in England and Wales. 

13. Data information, methodology and quality 

These statistics are released as part of the VOA’s commitment to make data more accessible, as well as continuing to improve and make the presentation of information more consistent to assist users conducting their own analysis of VOA data. The data are used to inform government policy and conduct analyses to support the operations of the VOA. 

This release includes the following tables in excel and csv format: 

• Percentage change in rateable value from 2023 to 2026 local rating list by region and sector (Table RVL_1_1)  

• Change in rateable value from 2023 to 2026 central rating list (Table RVL_1_2)  

• Change in rateable value from 2023 to 2026 local rating list by administrative area and sector (Tables RVL_2_1 to 2_5)  

• Distribution of rateable properties and value across rateable value interval by country, region, and sector (Tables RVL_3_1 to 3_5)  

• Change in rateable value from 2023 to 2026 local rating list by Special Category (SCat) for England and Wales (Tables RVL_4_1 to 4_3) 

• Change in rateable value from 2023 to 2026 local rating list by property type for England and Wales (Tables RVL_5_1 to 5_3) 

• Change in rateable value from 2023 to 2026 local rating list by administrative area and rateable value interval and sector. (Tables RVL_BA_1_1 to 1_5; Tables available only in .csv format) 

• Change in rateable value from 2023 to 2026 local rating list by SCat code and rateable value interval for England and Wales. (Tables RVL_SCAT_1_1 to 1_3; Tables available only in .csv format) 

A metadata lookup table is available on the release page in csv format. There is also a metadata file accompanying the csv tables which contains titles and shorthand used in the csv tables. 

The information supplied in the tables is based upon linking properties between the 2023 rating lists and draft 2026 rating lists. The current assessment (rateable value) of a property according to the 2023 rating list is compared with the proposed assessment according to the draft 2026 rating list. 

This information is produced using administrative data held within the VOA’s operational database. All administrative data are subject to processing and process errors and as such, while the VOA has made every effort to ensure accuracy of the data underpinning this publication, it is possible that some errors remain. 

The sources and definitions used are consistent with VOA’s existing statistical publications regarding non-domestic rates. 

Our quality assurance follows the approach set out in the VOA Quality Policy. 

14. Confidentiality 

Access to the data and release prior to the day of its publication is limited to the statistics production team and named valuation experts to assist with quality assurance. 

15. Glossary 

Area code – a unique identifier for administrative geographies as specified by the Office for National Statistics (ONS). 

Assessment – an entry in the rating list is often referred to as an assessment. 

Antecedent Valuation Date (AVD) – valuations are based on the open market value on a single date, known as the Antecedent Valuation Date (AVD). The AVD for the 2026 revaluation is 1 April 2024. 

Billing authority (BA) – a local authority empowered to collect non-domestic rates on behalf of itself and other local authorities in its area. In England, shires, metropolitan districts, the Council of the Isles of Scilly, unitary authorities, London boroughs and the City of London are BAs. 

Billing authority code – a unique identifier for BAs. 

Central rating list – the VOA’s list of rateable values for companies named in the Central Rating List Regulations, primarily for the network property of major transport, utility and telecommunications undertakings and cross-country pipelines. There are separate lists for England and Wales. 

Compiled list – the rating list as it comes into effect following revaluation. For the 2023 rating list it is the list as at 1 April 2023. For the 2026 rating list, this is 1 April 2026. 

Draft list – a draft rating list is made available in the months ahead of a revaluation. 

Local rating list(s) – the VOA’s lists of all the non-domestic rateable properties in England and Wales. There is a separate local list for each BA. 

Property type – each property on the non-domestic rating list is assigned a ‘primary description’. A primary description code is more generic than a SCat code (see below) and shows the nature of the use of the rateable property. Common primary descriptions are grouped together to form ‘property type’. There are six broad property types and 35 more detailed property types as shown in tables RVL_5_1 to 5_3. 

Rateable property (also known as hereditament) – a unit of non-domestic property that is, or may become, liable to non-domestic rating and thus appears in the local rating list. The area of a property included in a rateable value calculation can cover all of one property, only part of a property or be several separate units in one building or site. 

Rateable value (RV) – a monetary value assigned to every rateable property within a rating list, broadly based on the annual rent for which a rateable property could have been let on the open market at a set date. 

Rating lists – each BA has their own local rating list. There are also two central rating lists, one for England and one for Wales. 

Region – a geographical unit formerly referred to as Government Office Region (GOR). The GOR framework was the primary classification for regional statistics and comprised nine regions of England, which, combined with the devolved administrations, collectively spanned the United Kingdom. From 1 April 2011 the term GOR was dropped in favour of region. This release comprises English regions and Wales. 

Revaluation – a revaluation is an update of the rateable values of all business, and other non-domestic, property in England and Wales at a particular point in time. Previous revaluations took place in 2010 and 2023. This revaluation takes effect on 1 April 2026. 

Sector – a 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. 

Sub-sector – in addition to the four sectors, the SCat codes have also been mapped to 18 sub-sectors, within the overall retail/office/industrial/other categories. 

Special category (SCat) code – each property on the non-domestic rating list is assigned a SCat code, which is an operational code used by the VOA to classify a property’s use for administrative purposes. A SCat code details the basis on which the property was rated. 

Over 350 SCat codes are in use. Common property types are grouped together into sectors or sub-sectors as shown in tables RVL_4_1 to 4_3 

16. Further Information 

The 2026 rating lists will take effect from 1 April 2026. 

We welcome feedback from users on the usefulness of the information provided in this summary. Please forward any comments to the Statistics inbox.