Advertising rights, advertising stations and land used for advertising — practice note 2026

This publication is intended for Valuation Officers. It may contain links to internal resources that are not available through this version.

Practice note 1: 2026 — small format displays (digital and static), including those on bus shelters and at supermarkets

1. Market appraisal

The amount spent on advertising in the UK at the 2024 valuation date (R2026) has increased significantly by comparison to the 2021 valuation date (R2023) when the pandemic was prevalent. Advertising is a dynamic industry, and whilst the target audiences and media adopted changes to take account of seasonal, national, and international conditions, the overall spend on advertising is increasing year on year. Whilst Out of Home (OOH) or Outdoor Advertising (OA) is a relatively small share of overall spend, it consistently keeps pace with the wider UK advertising and its movement to digital formats. It also appears the use of TV and radio advertising remains stable. It is apparent internet advertising continues to do well, at the expense of newspapers, other print media and direct mail.

Looking at 1 April 2024:

the amount spent by advertisers on outdoor advertising recovered strongly from pandemic circumstances in 2021, by 2024 reaching pre-pandemic levels of revenue spend seen in 2019
small, indoor displays, usually 6 sheet formats or less (shopping centres and superstores) have continued to be converted to digital platforms and this is an increasing trend on both small and now large format outdoor displays — a greater number of digital displays are appearing outdoors in better or more prominent locations, including bus stops and other small format roadside, such as standalone obelisks and telephone paraphernalia
advertising has always been a dynamic and changing media, embracing new technologies and formats, seeking to attract the attention of a particular target audience — outdoor (or OOH) follows this trend and the opportunities afforded by digital technologies suggests outdoor display formats will remain a critical campaign option available to the advertiser

2. Changes from the last small-format displays practice note

The following broad changes and observations should be considered when comparing the guidance contained in the previous (2023) ‘small format’ practice note to this (2026) ‘small format’ practice note:

increases in annual value is evident across this class between 2021 (R2023 valuation date) and 2024 (R2026 valuation date)
valuation guidance and prices have been provided for the same designations of positions and locations as 2023 practice note
the categorisations of small format bus shelter displays remain the same in terms of position and location
digital sites are the preferred display media for OOH small format advertising displays, particularly in the better positions and locations, many of which are being steadily converted to digital displays or are prime contenders for conversion to electronic or digital displays
whilst rental evidence has historically been lacking for small format advertising sites, it is apparent that the installation of more digital and electronic small-format displays is resulting in more agreements where a rent is being paid (or something equivalent to a rent, like a profit share arrangement) for the right to make small format displays
when considering such rents on advertising rights, some result in a range or mix of display formats. Where this is the case, it is apparent that any derived relationship between static, paper and paste, scrolling, illuminated, electronic, digital and interactive sites is somewhat subjective and each case must be carefully considered on the facts
analysis suggests digital display is more valuable than static display
new sublocations have been provided to reflect the growth of digital outdoor formats and the increasing variety of digital display signs
a ‘universal’ valuation approach based on factorisation or multipliers across England and Wales cannot be supported. The assumptions or approaches underpinning the prices in this note will often result in price differentiation between for ‘static’ (or ‘paper and paste’) and digital or electronic advertising displays
for bus shelter 6-sheets, figures for ‘static’ or ‘paper and paste’ will be provided along with a separate set of figures for bus shelters (and equivalent comparable) ‘digital’ displays
for superstore displays, the figures provided reflect the display type prevailing at each superstore with no further adjustment necessary.
as a result of these changes, for 2026 rating lists the DR6 line entry adjustment code must not be used to ‘uplift’ the ‘static’ figures on any small format advertisements. Where identified, these codes must be removed from R2026 surveys
it also follows that, where for single sided small format electronic or digital displays line entries in the survey or valuation show the number of units in RSA as ‘6’ (six), this will need to be changed to ‘1’ (one)
for bus shelter ‘scrolling’ displays, it remains appropriate to use the ‘static’ prices, an uplift using a ‘DR2’, ‘DR3’ or ‘DR4’ line adjustment codes (as appropriate) in R2026 surveys, depending on the numbers of scrolling displays exhibited
for bus shelter ‘static’ or ‘paper and paste’ displays — the equivalent prices have increased between 2023 and 2026 lists, as have the equivalent prices for digital bus shelters
for superstores — in equivalent terms, the superstore assessments are increasing from 2023 to 2026 — recent indications are that the agreements between advertisers and superstores yield payments that support the figures proposed in this note at the antecedent valuation date
certain ‘other’ categories have seen increases for 2026 when compared to the 2023 figures
where available rental and ‘profit rent’ arrangements exist, evidence is supportive of the ‘digital’ figures recommended in this note

3. Ratepayer discussions

Discussions of the prices in this note have not taken place with representatives of the main companies offering OOH advertising.

Available evidence of rents on small display advertising has been examined, particularly those resulting in the exhibition of digital advertisements. Similarly, bus shelter and small format advertising has been considered in the context of advertising industry indicators and trends.

4. Valuation schemes

The figures in this note must not be used for large format display sign (for example 48-sheets). For large format static displays, see practice note 2. For large format digital or electronic displays, see practice note 3.

The valuation approaches and schemes in this note must be used in context, with an appreciation of the nature of the arrangements that allow advertisements and for what is happening on the ground. The display type, its site, aspect, position, situation, and location should all be carefully considered. Evidence from comparable positions and situations should be considered. For example, consider 6-sheets by reference to evidence from other 6-sheets, digital displays by reference to evidence from comparable digital displays, static displays by reference to evidence from comparable static displays.

Rental agreements covering many display sites should be treated with care. Typically, such agreements have good evidential weight as an overall packaged agreement, and the number and types of display provide a ready means of analysis, comparison and valuation of the whole scheme. Sometimes these agreements are within a tight locality, such as shopping centre, part of a shopping street or city centre — sometimes the resultant displays are more widespread, such as those at superstores and transport networks. Taking the analysis much further, for example seeking to reflect the different positions and locations of displays resulting from a single advertising right agreement, arguably stretches the analysis of the rent passing further than necessity or reliability allow. For example, where a right to advertise in a covered shopping centre results in 10 double sided display sites (20 x 6-sheets) and the rent passing is £30,000, that is £1,500 per 6-sheet display and these can be valued as such with a good degree of confidence. Attempts to make further adjustments for positions or locations within the centre might appear attractive, but doing so introduces opinion and judgement where no evidence can be offered in support. In such instances, a simple price per site per site based on a straightforward analysis would ordinarily suffice. There are sometimes reasons to depart from this ‘keep it simple and straightforward’ approach. For example, where some sites are sited outside the shopping centre, in a place where other local evidence indicates they should be at a higher (or lower) level, or where a variety of display formats are used and there is evidence to demonstrate a difference in price. Of course, placing less or more rental value on certain sites or display types that are part of such an arrangement will mean less (or more) spread over remaining sites or display types covered by the overall agreement and logically require evidence to justify such a departure, should the analysis and subsequent valuations of those advertisements displayed be challenged.

Mandatory national sub-location codes are required for many of the displays featured in this note. Many of these codes were prescribed for previous rating lists and units should already be applying them — some are new for Revaluation 2026. Care must be taken when conducting ‘dual list maintenance’ work to use the correct codes for 2026 valuations. Units must check to ensure the codes are being used consistently. Mandatory and recommended sub-location codes for Revaluation 2026 are dealt with at paragraph 4.14 in this note. For 2026, only the codes in the sublocation code guide are to be used to make valuations of advertisements in local rating lists in England and Wales.

4.1 Data capture and the Rating Support Application

Advertising displays are a class offered full valuation support on the Valuation Office Rating Support Application (RSA).

All values shown in this practice note are expressed in terms of one display panel and the price applied is almost always influenced by the type of display format. In other words, the price applies to a single side, and care must be taken to ensure the correct price (and sublocation code) is adopted, which may depend on whether the display is electronic, digital, scrolling or single sheet.

Where there are 2 panels ‘back-to-back’ or ‘side by side’, then (unless specifically instructed otherwise) the appropriate scheme prices (and sub-location codes) should be used for each side with no discount.

The same applies for more than 2 panels ‘side by side’ or more than one ‘back-to-back panel that make up a hereditament, unless specifically instructed otherwise, the price is effectively multiplied by the number of display panels, all things being equal.

Where a site consists of both digital and static displays the assessment should be captured using 2 separate survey units. The digital display signs, typically being the higher value, should be captured as survey unit 1 and the static display signs survey unit 2.

4.2 Structure, planning, and illumination

All figures provided in this practice note reflect costs for structure, planning and illumination as appropriate. The full means of making the display is reflected — this includes a wall or other part of a building and a sign, hoarding, frame, post or other structure erected or to be erected on land.

Where Valuation Officers obtain rental information in respect of small format advertising displays, care must be taken to adjust such rents by an appropriate amount for these physical elements, depending on the display sign, position and location of the displays, and costs must be amortised and added to the rent as appropriate. This is the same approach to adjusting rents that informs 2026 valuation schemes in respect of larger format advertising displays.

However, when formulating 2026 valuation schemes for small format advertising displays in the Rating Support Application (RSA), and where the figures are taken from this note, it is recommended that separate matrices be created for bus shelter, supermarket, lamppost, petrol filling station, motorway service areas and sponsored roundabouts, as appropriate. For such small format schemes, it is important that the matrix description states, “All prices in this valuation scheme include structure, signage, planning fees and/or illumination” or similar.

4.3 Bus Shelter Advertising Displays — Overview of approach and scheme

4.3.1 Categorisation of towns and cities

Unless stated otherwise, the bus shelter scheme of valuation identifies the following ‘urban categories’:

central London key higher value locations (for example, Oxford Street)
central London (excluding ‘key higher value’ locations)
cities and outer London boroughs
major towns
other towns

In most cases, it should be straightforward to decide upon the most appropriate category and classification to adopt for any particular bus shelter location.

However, regard may be had to additional factors such as population size, any local restrictions on advertising, whether ‘heritage’ centres and whether the shelter is in a historic city or town. These factors may have a bearing on the categorisation or classification decision to be made.

Central London

The relative categorisations within central London are now well established and these remain unchanged for 2026 purposes. These are City of Westminster, City of London, Hammersmith and Fulham, Kensington and Chelsea, Camden, Tower Hamlets, Southwark, Haringey, Newham, Hackney, Islington, Lambeth, Lewisham and Wandsworth.

All Central London Boroughs and City of London are included in this note, including certain ‘key higher value’ locations and positions in the West End, such as parts of Oxford Street, Piccadilly, Park Lane, Regent Street, Brompton Road, Knightsbridge, Kensington High Street, Sloane Street and Queens Gate.

Such Central London ‘key higher value’ locations were previously excluded from the scope of earlier ‘small format’ revaluation practice notes and appear in this 2026 note for the first time.

Cities, outer London Boroughs, major towns and other towns

For 2026, determining the correct categorisation of any city or town is important. It is envisaged that the work completed by Units during maintenance of the 2023 and earlier rating lists will have established the relative strengths and the therefore the appropriate categorisation of cities, Boroughs and towns from an advertising perspective.

Outer London Boroughs are all those not already included or categorised in this note as ‘Central London’, being Brent, Ealing, Hounslow, Richmond upon Thames, Kingston upon Thames, Merton, Sutton, Croydon, Bromley, Greenwich, Bexley, Havering, Barking and Dagenham, Redbridge, Waltham Forest, Enfield, Barnet, Harrow and Hillingdon.

For the rest of England and Wales, it is already established that some ‘cities’ could be more appropriately categorised as ‘major towns’ and, conversely, some ‘major towns’ could be categorised as ‘cities’.

4.3.2 Classification within towns or cities

Within each of the 4 ‘urban categories’ above, the scheme of valuation identifies 3 locations:

town centre
main roads
other locations

It is important to build on the valuable work already done in determining the relative strengths of advertising position and not revisit this area unnecessarily.

Town centre

This should be taken as meaning the main central shopping and commercial centre of the conurbation concerned.

Main roads

The majority of bus shelter and similar comparable sites falling into this classification are likely to be situated on main roads. Main road locations should include the principal commuter routes into the city or town centre, the main arterial routes, the main suburban high streets and certain high-volume locations such as the approach road to a major superstore.

Other locations

These will include feeder roads, minor roads, residential suburbs and estates, this classification is also likely to encompass neighbourhood and small local ‘estate type’ shopping parades.

4.4 Bus shelter displays — 6-Sheets — 2026 list values to be adopted

Most advertising panels at bus shelters are displayed as 6-sheets with dimensions of 1.2m x 1.8m (sometimes referred to as ‘super-six’ or ‘six’ sheets, being a reference to the historic number of paper sheets pieced together to form the sign — now they are all in one piece, but the term 6-sheet remains in use). The panels are sometimes single, but more often double, and can be side by side on the front of the shelter itself, particularly where pavements are narrower. However, the more typical format is a double-sided, back-to-back, 6-sheet display at one end of the shelter (at a right angle to the roadway).

In recent years, more digital (or electronic) 6-sheet display panels are being built at bus shelters, concentrating in the urban centres of London, Cities and Major Towns. Sometimes referred to as ‘84 inch’ digital (being the diagonal dimension of the screen), these digital displays may be at new displays at bus shelter sites, but often upgraded from former ‘static’ or ‘paper and paste’ displays at existing bus shelter locations. Sometimes there are 2 ‘digital’ displays ‘back to back’, but more often comprise a single digital display ‘back to back’ with a ‘static’ or ‘paper and paste’ display.

4.4.1 Bus shelter 6-sheet panels

For bus shelter 6-sheet panels, the following figures, expressed in terms of a single 6-sheet panel, should be adopted. The appropriate mandatory sub-location code is also included.

4.4.1.1 Bus Shelters — 2026 list values:

‘Static’ or ‘paper and paste’ 6-sheet panels (£/panel)	Town centre (£)	Main roads (£)	Other (£)
Central London — Key Location 1 (Oxford Street and environs)	£2,500 BSOX	N/A	N/A
Central London — Key Location 2 (Parts of the West End)	£2,500 BSKB	N/A	N/A
Central London (excluding ‘key locations’ 1 and 2, Oxford Street and parts of the West End)	£1,250 BSLA	£900 BSLB	£525 BSLC
Cities and outer London Boroughs	£800 BS1A	£600 BS1B	£350 BS1C
Major towns	£500 BS2A	£375 BS2B	£250 BS2C
Other towns	£400 BS3A	£300 BS3B	£150 BS3C

4.4.1.2 Bus Shelters 2026 list values:

Electronic or Digital: 6-sheet panels (£/panel)	Town centre (£)	Main roads (£)	Other (£)
Central London — Key Location 1 (Oxford Street and environs)	£15,000 BSOD	N/A	N/A
Central London — Key Location 2 (Parts of the West End)	£12,500 BSKD	N/A	N/A
Central London (excluding ‘key locations’ 1 and 2, Oxford Street and parts of the West End)	£10,000 BS1D	£8,000 BS2D	£4,000 BS3D
Cities and outer London Boroughs	£7,500 BS4D	£5,000 BS5D	N/A
Major towns	£4,000 BS6D	£3,000 BS7D	N/A
Other towns	£2,500 BS8D	£1,750 BS9D	N/A

4.4.2 Bus shelter displays — other considerations

Other features that may need consideration when dealing with the valuation of bus shelter advertising displays are considered in the following paragraphs.

4.4.2.1 Bus shelters with 3 or more separate display panels

In respect of those bus shelters that have more than 2 display panels (whether 2 separate panels ‘side-by-side’ or the standard ‘double sided’ display panels), the following approach, which replicates that taken during 2005, 2010, 2017 and 2023 Rating List maintenance, should be adopted for 2026.

For individual bus shelters containing more than one double panel or 2 single panels, it is accepted that in most cases the additional panels do not have the same value as the first 2 panels. In such cases the subsequent panels should be valued at 50% of the appropriate single panel price.

For example:

Where the single 6-sheet panel is, say, £1,250, the third and any subsequent panel should be taken at £625 each, being 50% of £1,250.

Care should be taken in exceptional situations where bus shelters are near each other, normally in central locations where there are many buses arriving and departing. On the one hand, such large numbers of bus shelters ordinarily imply good locations with better pedestrian flows, but equally many sites at the back of 2 bus shelters next to each other may be considered a saturation and mean discounting sites over the 2 shelters. Where such examples arise, a view should be taken based on quality of location, position of sites and numbers or types of display.

There may however be other exceptional cases where this reduced rate for third and further additional display panels would not apply whether single shelters, shelters adjacent one another or in close proximity. For example, where a bus shelter is situated outside an underground or railway station, and where the additional panels are specifically sited to attract the pedestrians going into and out of the station. In such cases, any additional panels are expected to be valued at the same single sheet rate as the first 2 single display panels. In other words, additional display panels in exceptionally good locations typically attract no discount.

When considering reducing panel prices under this section, each case should be judged on its own merits in these exceptional cases where there are multiple display panels and/or multiple bus shelters near to each other. If required, technical advice should be sought as necessary using the normal protocols.

4.4.2.2 Bus shelters with scrollers

Some bus shelters’ display multi scrolling 6-sheet panels. Such scrollers tend to be in the more prominent locations and normally display 2, 3 or 4 sheets per panel face.

The scrolling panel usually has a static display panel on the rear side. It is rare to have 2 scrollers ‘back-to-back’.

In respect of bus shelters that have scrollers, the appropriate ‘static’ single panel rate (at 4.4.1.1 above) should be applied to each 6-sheet display panel, with no discount. This is achieved by adopting an ‘appropriate line adjustment code’, ordinarily ‘DR3’ (for the more typical 3x scroller), but DR2, DR4 and DR5 are available for 2x, 4x and 5x scrolling faces, as appropriate.

4.4.2.3 Bus shelters with electronic or digital displays

Using what is a relatively new and improving format, some bus shelters incorporate electronic or digital media to display advertisements on 6-sheet panels. Such displays are steadily increasing in number. They tend to be in the more prominent city or town centre locations and offer the possibility of displaying many sheets per panel face. This makes the format attractive, offering a relatively straightforward means of uploading (changing) displays and with it the option of a single site exhibiting advertisements as part of many national advertisers ‘packages’. Certain digital displays allow for moving images too.

The electronic or digital panel may have a static display panel on the rear side. The digital panels are not as bulky as scrollers, so there may also be situations where there are 2 electronic or digital panels ‘back-to-back’.

For bus shelter digital panels, the digital prices provided in this note at 4.4.1.2 above should be adopted. ‘Uplift factors’ or ‘multipliers’ of any kind from static prices must never be used in valuations of electronic or digital displays for Revaluation 2026. For the avoidance of doubt, Valuation Officers also must never use ‘factorised’ digital prices to apply to ‘static’ display signs. In using this scheme, ‘digital prices’ must be used to value digital signs, ‘static prices’ must be used to value static signs.

This requires care when making the 2026 valuation using the Valuation Support Application within the Valuation Office’s Rating Support Application. Where a bus shelter site has a digital panel ‘back-to-back’ with a static panel, 2 ‘survey units’ must be used to ensure that the digital panel and static panel are valued appropriately. One survey unit would then adopt a ‘static’ price (by using the appropriate sublocation code) from those provided at 4.4.1.1 and the other survey unit adopt a ‘digital’ price (by using the appropriate sublocation code) from 4.4.1.2. There must be no shortcuts. It is reiterated that uplift factors of any kind from ‘static’ prices must not be used in valuations of digital bus shelter panels.

4.5 Supermarket 6-sheet panels — 2026 list values to be adopted

For the purposes of this paragraph, superstores include large hypermarkets and supermarkets and modern standalone superstores with significant parking provision. The figures provided should not be used in respect of 6-sheet advertising at traditional convenience stores located in a parade of local shops, or outside convenience stores at petrol filling stations.

Nor should they be used for lamppost advertising displays situated in superstore car parks. Refer to 4.8 below for lamppost advertising in retail car parks.

The values to be adopted for 6-sheet panels displayed at superstores are dependent on the named operator of the store. Historically, where details were known, the terms of license agreements between the supermarkets and the advertising company tended to remain unchanged following renewal. This was thought to be because of the ‘profit-share’ elements built into the arrangements on top of the base rent figures.

However, there have been some changes to the arrangements more recently that reflect the technological changes brought about by electronic and digital display media. Whilst it is understood that a ‘profit share’ arrangement remains, these newer agreements in place provide a reliable indicator of value in support of the figures to be adopted in 2026 lists.

It was established in in earlier rating lists that some superstores retain specific rights to use panels for their own advertisements for a percentage of the time. As the parties to each agreement remain the same, these arrangements still apply for 2026 lists.

In respect of applying figures more widely, attention is also drawn to the guidance provided in paragraph 4.13 below.

The figures provided below are expressed in terms of single-panel 6-sheet at any superstore, without further adjustment irrespective of its situation, position, location and vicinity, or how the display is made.

Details of the named supermarket, its sublocation code and its associated 2026 figure to be adopted (in £/panel) can be found in the appropriate Valuation Strategy Document (VSD).

4.6 Shopping centres, retail parks and retail or entertainment complexes

For 2026, new mandatory sub-location codes have been created to identify and differentiate advertising positions located at shopping centres and retail parks or entertainment complexes. Sub-location ADSC has been retained, but for 2026 only to be used for static displays located at retail parks and leisure complexes.

In summary, Valuation Officers must assign sub-location codes to small format advertising displays in these locations as follows:

CSD6 for digital display signs using 6-sheets at London and Regional shopping centres (including those directly within any adjacent car park)
CSS6 for ‘static’ (or ‘paper and paste’) display signs using 6-sheets at London and Regional shopping centres (including those directly within any adjacent car park)
ADSC for ‘static’ (or ‘paper and paste’) displays located at retail parks and leisure complexes only (not to be used for shopping centres)

For the avoidance of doubt:

Sub-location code AD6D must not be used at these locations for 2026
Sub-location codes are mandatory within list years but can change from one rating list year to another — this means care must be taken when performing dual list maintenance, and case workers should refer to the relevant practice note and Valuation Strategy Document to ensure the correct ‘list year specific’ mandated sub-location code is used
where there is a sub-location code difference between lists, RSA will often prompt case workers to choose a sublocation code — whether it does or not, care must be still taken to ensure the correct code is used for the rating list being altered
at the time of publication, no digital 6-sheet display signs have been identified on retail and leisure complexes, and therefore no sublocation code has been created for digital 6-sheets at those locations —if this changes, the nature and detail of the agreements to advertise on digital display signs must be established and further guidance sought using the appropriate protocols
it is not appropriate to discount for multiple 6-sheet displays or additional static 6-sheet advertisements at these locations, including those at petrol filling stations
the DR2, DR3, DR4, DR5 and DR6 line adjustment code must not be used for 2026 (or 2023) in producing surveys or making valuations for any digital display signs

It remains appropriate to use CSS6 and ADSC and uplift static prices in the address matrix for multiple ‘scroller’ type static advertising displays, often utilising DR2, DR3 or DR4 line adjustment codes. When dealing with digital 6-sheet panels, in this instance using sub-location code CSD6, it is not appropriate to use factors of any kind to uplift ‘static’ prices when making valuations in shopping centres and retail or entertainment complexes. It is essential to use the appropriate digital sublocation code of CSD6 and enter the panel price directly on the address matrix. This specifically rules out the use of the DR6 line adjustment code, which must never be used in the context of digital display signs of any kind for 2026 (and 2023) lists. Consequently, where a DR6 code is found in any R 2026 surveys it must be removed, ensuring the valuation is made based on the appropriate digital price and sub location code, which is CSD6 for shopping centres, retail parks and retail or entertainment complexes.

The following is offered to Valuation Officers to assist in valuations in shopping centres, in the absence of any better indications of value. See also practice note 3 for guidance in respect of larger formats internally displayed in shopping centres.

4.6.1 Regional covered shopping centres and destination centres (electronic or digital only, excluding London and internally located only)

Digital 6-Sheet Poster Size — Site Format description: 1-sided or 2-sided digital screen, standard size 1.2m x 1.8m (w1080 x h1920 pixels), usually found throughout the internal parts of shopping centres.

For such digital sites in shopping centres, the sublocation code CSD6 is used (for static sites, the sublocation code CSS6 is used).

2026 list figures: regional covered shopping centres and destination centres (electronic or digital only, excluding London, internally located only)

Digital 6 Sheet poster size — Tier	£ per face/side	Sublocation Code
Tier 1 — city centre shopping centres and major destination centres with limited competition	£18,000	CSD6
Tier 2 — destination centres, also includes smaller city centres or large centres where there are several competing shopping centres	£13,000	CSD6
Tier 3 — smaller city centres and town centres	£7,000	CSD6
Tier 4 — centres with lower footfalls	£3,000	CSD6

4.6.2 London Covered Shopping Centres and destination centres (electronic or digital only, London only, internally located only)

Digital 6 Sheet Size — Site Format description: 1-sided or 2-sided digital screen, standard size 1.2m x 1.8m (w1080 x h1920 pixels), usually found throughout the internal shopping centres.

For such digital sites in shopping centres, the sublocation code CSD6 is used (for static sites, the sublocation code CSS6 is used).

Digital 6 Sheet poster size — Tier	£ per face/side	Sublocation Code
Tier 1 — centrally located shopping centres, major destination centres and major borough centres or large towns with limited competition	£23,000	CSD6
Tier 2 — destination shopping centres, also includes smaller centres or large shopping centres where there are several competing shopping centres	£18,000	CSD6
Tier 3 — smaller borough centres and town centres	£10,000	CSD6
Tier 4 — centres with lower footfalls	£7,000	CSD6

4.6.3 Regional covered shopping centres and destination centres (static only, excluding London, internally located only)

Small format Static 6-sheets (and similar sizes), including vinyl adverts attached to lifts. Usually found throughout the internal parts of shopping centres. Sites located in stairwells and lift lobbies to adjacent to car parks should adopt 50% of the shopping centre rate. The figures shown in the table below should be adopted.

Digital 6 Sheet poster size — Tier	£ per face/side	Sublocation Code
Tier 1 — city centre shopping centres and major destination centres with limited competition	£3,000	CSS6
Tier 2 — destination centres, also includes smaller city centres or large centres where there are several competing shopping centres	£2,100	CSS6
Tier 3 — smaller city centres and town centres	£1,100	CSS6
Tier 4 — centres with lower footfalls	£500	CSS6

4.6.4 London covered shopping centres and destination centres (static, excluding London and internally located only)

Small format Static 6 Sheets and similar sized, including vinyl adverts attached to lifts. Usually found throughout the internal parts of shopping centres. Sites located in stairwells and lift lobbies to adjacent to car parks should adopt 50% of the shopping centre rate.

Digital 6 Sheet poster size — Tier	£ per face/side	Sublocation Code
Tier 1 — city centre shopping centres and major destination centres with limited competition	£3,800	CSS6
Tier 2 — destination centres, also includes smaller city centres or large centres where there are several competing shopping centres	£3,000	CSS6
Tier 3 — smaller city centres and town centres	£1,700	CSS6
Tier 4 — centres with lower footfalls	£1,100	CSS6

4.6.5 Static or ‘paper and paste’ 6-sheets at out-of-town non-covered retail and outlet parks, leisure and entertainment complexes

Sublocation ADSC must be used for sites located on retail and leisure parks and will typically fall into 2 types. These are:

traditional — free-standing or wall mounted 6 sheets either single or double sided. Located at various points around the main car parks, adjacent to the main retail or entertainment units and car park entrances and exits
lamppost-mounted — usually double-sided and located in the main car park areas (not to be confused with those mounted on lampposts located on the roadside which should be captured using subloc ALMP)

Where 6-sheet panel advertising rights are identified on any structure at out-of-town non-covered shopping centres and retail park car parks and leisure complexes available rental details should be obtained, adjusted, analysed and adopted as appropriate. However, in the absence of rental evidence, the figures shown in the table below should be adopted.

2026 list figures: ‘static’ or ‘paper and paste’ 6 sheet advertising at out of town centre retail parks and leisure complexes:

Lamppost and Traditional

Location	Value per side/face	Locations where the respective figures apply	Anticipated % of parks
Within the M25 (excluding Central London, being Westminster, City, Camden, Kensington, and Chelsea)	£300 / £600	ADSC	20% of parks are anticipated to fall into this category
Outside the M25 in England and Wales — major retail operators	£250 / £500	ADSC — Most locations outside the M25	70% of parks are anticipated to fall into this category
Outside the M25 in England and Wales — minor or independent retail operators	£200	ADSC — this category should only be used where rental evidence supports it	10% of parks are anticipated to fall into this category

4.7 Petrol filling station forecourt panels — 2026 list values to be adopted

Central guidance is provided in respect of 6-sheet panels displayed at petrol filing station forecourts. Available rental information indicates that around 85% of forecourt advertising displays can be valued by reference to a single figure. This means 85% of 6-sheet displays are located on stand-alone petrol filling station forecourts on classified A and B roads in urban and suburban locations.

On either side of this broad range, other displays are in popular ‘honey pot’ locations or on country lanes and in village centres.

The figures shown in the table below should not be adopted for displays on petrol station forecourts at motorway service stations, which should be dealt with by reference to paragraph 4.9 below. Neither should the figures be adopted for displays in petrol station forecourts in superstores where the petrol station is included in the superstore assessment.

The figures provided below are expressed in terms of a single-panel 6-sheet and include the mandated sub-location code. For scrollers at petrol filling stations, the appropriate single panel rate should be applied to each 6-sheet scrolling display panel, with no discount. This is achieved by adopting an ‘appropriate line adjustment code’, ordinarily ‘DR3’ (for a 3x scroller), but DR2, DR4 and DR5 are available for 2x, 4x and 5x scrolling faces, as appropriate. It is understood there are currently no digital 6-sheet displays at petrol filling stations — if this changes, the nature and detail of the agreements to advertise should be sought and established and further guidance sought using the appropriate protocols. It is not appropriate to discount for multiple 6-sheet displays or additional static 6-sheet advertisements at petrol filling stations.

2026 list figures: petrol station forecourt 6-sheet panels (£/single panel)	Figure (£)	Sub-location Code
Premium locations: trunk roads and ‘honey pot’ locations such as sports venues and stadiums, concert halls and near large regional shopping centres	£650	PFS1
Majority of locations: all classified A and B roads, urban and suburban locations on main traffic routes	£550	PFS2
Remote locations: country lanes and villages	£350	PFS3

If rental information becomes available in support of any challenge to the application of the above figures, full details of the rent must be ascertained, and further advice sought using the protocols for seeking advice as appropriate.

In respect of applying figures more widely, attention is also drawn to the guidance provided in paragraph 4.13 below.

4.8 Lamppost advertising on 6-sheets — 2026 values to be adopted

Double sided 6-sheet ‘static’ or ‘paper and paste’ advertising displays mounted within the vertical structure of lampposts appear from time to time. The panels are typically 2 and a half to 3 metres above ground level and not only display advertising on in roadside locations, but also display 6-sheet advertising on lampposts and poles within shopping centre and retail park car parks (see paragraph 4.6 above).

4.8.1 Lampposts on roadside locations in towns and cities

The following values are recommended in respect of 2026 valuations in the absence of any better evidence of value derived from an analysis of rental or other direct comparable evidence.

2026 list figures: lamppost advertising on roadside: 6-sheet panels (£/single panel)	Figure (£)	Sub-location Code
All locations	£225	ALMP

This figure does not apply to digital displays signs on lampposts, and if such digital display signs are found, guidance should be sought from the Class Coordination Team (CCT) or National Valuation Unit (NVU) using the usual protocols.

In respect of applying figures more widely, attention is also drawn to the guidance provided in 4.13 below.

4.9 Motorway service areas — 2026 list values to be adopted

Unless there is rental evidence to the contrary, Valuation Officers should adopt £375 per single sided ‘static’ or ‘paper and paste’ 6-sheet and £2,000 per single sided digital 6-sheet when located at motorway service areas. Static 6-sheet displays should adopt the sublocation ASRV and digital 6-sheet displays should adopt the sublocation MS6D.

2026 list figures: Motorway Service Areas: 6-sheet panels (£/single panel)	Figure (£)	Sub-location Code
All locations — single sided ‘static’ or ‘paper and paste’ 6-sheet	£375	ASRV
All locations — single sided digital 6-sheet	£2,000	MS6D

4.10 Advertising from fully enclosed telephone boxes, cowls, and associated pavement level public communications paraphernalia — 2026 list values to be adopted

Generally, 6-sheet advertising displays from telephone boxes should be dealt with by adopting the relevant pavement or roadside scheme figures as appropriate for the location and type of display (at 4.11 below).

4.10.1 Fully enclosed telephone boxes or kiosks — ‘stick on’ or ‘wrap around’ types — non-standard sizes

Valuation Officers should adopt £200 per kiosk for a fully enclosed telephone box, using sub-location code ADKK.

2026 list figures: fully enclosed telephone boxes or kiosks — ‘stick on’ or ‘wrap around’ types — non-standard sizes	Figure (£)	Sub-location Code
All Locations — per kiosk, non-standard, ‘wrap around’ or ‘stick on’ only	£200	ADKK

4.10.2 Fully enclosed telephone boxes — 6 sheets

Valuation Officers should adopt the sublocations and values in line with the 6-sheet digital and static schemes and sublocations referenced at 4.11 below. At the time of publication, is expected that most of these types of site are displaying ‘static’ or ‘paper and paste’ adverts.

4.10.3 ‘obelisk with cowl’ types — 6 sheets

Comprise a pavement or roadside obelisk, having a ‘cowl’ or ‘cover’ over the telephone element on one side and a 6-sheet advertising display on the rear. The advertising display sign could be static, scrolling, or digital.

Valuation Officers should adopt the relevant pavement or roadside scheme figure as appropriate for the location (at 4.11 below). Sites are mostly positioned in city and town centres, high street and roadsides. The values shown are per side and, dependant on location, should adopt the sublocation D6A, D6B or D6C for digital displays and A6A, A6B or A6C for static displays.

4.10.4 Digital ‘Pavement obelisk’ telecoms or ‘display sandwich’ types — 6 sheets

Comprise digital display signs on both sides of an obelisk on the pavement, having a telephone element (and sometimes Wi-Fi and charging points) along the edge of the ‘obelisk’ and 2 6-sheet advertising displays making up the ‘bread’ of the ‘sandwich’. This type tends to have electronic or digital displays on each side.

For 1.2m x 1.8m 6-sheets, being around 85 inch (216 cm) digital screens, Valuation Officers should adopt the relevant pavement or roadside digital scheme figure as appropriate for the location (at 4.11 below). Sites are mostly positioned in city or town centres and high street or roadsides. The values shown are per side and the sublocations D6A, D6B or D6C apply, dependant on location.

4.10.5 ‘Pavement obelisk’ telecoms or ‘display sandwich’ types — Digital ‘TV screen’ types — Other sizes (smaller than 6-sheets)

Adjustments should be made for ‘pavement obelisk’ type displays that are significantly smaller than a 6-sheet. Some appear to incorporate upended ‘TV type’ screens of 50-to-60-inch size (127-to-152.5 cm) (when measured diagonally like a TV screen), whereas normal sized 6-sheets are 85 inches (216 cm). Without useful rental evidence to assist them, Valuation Officers should adopt a figure based on 50% of the roadside digital scheme figures at 4.11, dependant on location, as appropriate. For non-standard sizes like these, the mandatory sublocation code DLNK is used, with an address matrix, as follows:

Town centre location	Relevant 6-sheet ‘town centre’ ‘digital’ figure (£ per side/panel)	Derived single size figure (in this case suggest 50% for a 55 inch ‘TV’ screen) (£ per side/panel)	Sub-location code
Central London — Key Location 1 (Oxford Street and environs)	£15,000	£7,500	DLNK
Central London — Key Location 2 (Parts of the West End)	£12,000	£6,000	DLNK
Central London (excluding ‘key locations’ 1 and 2, Oxford Street and parts of the West End)	£11,000	£5,500	DLNK
Major cities and towns, and London boroughs	£9,000	£4,500	DLNK
Smaller cities and towns	£5,000	£2,500	DLNK

4.11 Digital Pavement Pedestrianised and Roadside (except where specified in 4.4 to 4.9 above)

The ranges specified in the table below are recommended for digital Portrait Screen, standard size 1.2m x 1.8m (w1080 x h1920 pixels) (or ’85-inch or 216-cm screens’). These prices are not to be used for the type of advertising already catered for in 4.4 to 4.9 above (such as bus shelters, covered shopping centres, motorway service areas, and petrol filling stations). It is envisaged that there will be very few digital 6 sheets that fall into the location C for the major and smaller towns and cities. Mandatory sub-location codes are also added in the table.

2026 list figures: Digital Pavement (Pedestrian) and Roadside 6-sheets all locations except ‘Central London Key Locations 1 and 2, where the type is specified in paragraphs 4.4 to 4.9 above (£ per face/side/panel):

Town centre location	Location A: Central pavement and pedestrian areas and central roadside locations	Location B: Main Roads and High Streets	Location C: Other locations including feeder roads, minor roads, residential suburbs
Central London — Key Location 1 (Oxford Street and environs)	£15,000 D6A	N/A	N/A
Central London — Key Location 2 (West End)	£12,500 D6A	N/A	N/A
Central London (excluding certain ‘key locations’ 1 and 2, such as Oxford Street)	£11,000 D6A	£9,000 D6B	£5,000 D6C
Cities (including outer London boroughs)	£8,000 D6A	£6,000 D6B	£3,000 D6C
Major town	£4,000 D6A	£3,000 D6B	£2000 D6C
Other towns	£3,000 D6A	£2,000 D6B	£1500 D6C

4.11.1 Static Pavement (Pedestrianised and Roadside) 6-sheets (except where specified in paragraphs 4.4 to 4.9 above)

The values specified in the table below are recommended for static portrait aspect, standard size, 1.2m x 1.8m. These prices are not to be used for the static types of advertising already catered for in 4.4 to 4.9 above (such as bus shelters, covered shopping centres, motorway services and petrol filling stations).

2026 list figures: Static Pavement (Pedestrian) and Roadside 6-sheets all locations except ‘Central London Key Locations 1 and 2, where the type is specified in paragraphs 4.4 to 4.10 above):

Location	£ per face/side/panel	Sub-location Code
City and town centres (pavement, pedestrian and roadside)	£750	A6A
Main A and B roads	£500	A6B
Other locations	£300	A6C

4.11.2 Static Pavement (Pedestrianised and Roadside) 4-sheets and static non-standard small format displays

It is not possible to adopt a standard approach across England and Wales for static 4-sheets and non-standard small format displays on pavements pedestrianised areas and roadside. The values attributed to local small format displays must take into consideration the position, location and other pertinent aspects of the site in question. The values attributed to other small format display signs in the vicinity should also be considered. Where it becomes necessary, advice can be sought from the Valuation Office’s RVU CCT Lead or NVU.

The table below specifies the sub-location codes that must be used. They each point to an address matrix, which allows appropriate individual values to be designated.

2026 list figures: Static Pavement (Pedestrian) and Roadside 4-sheets all locations except ‘Central London Key Locations 1 and 2’:

Display type	Sub-Location Code
Static 4-sheet displays	AD4S
Non-standard small format displays	ADNS

4.12 Sponsored roundabouts — 2026 list values to be adopted

There are a wide variety of display sign types and sizes in use on sponsored roundabouts, ranging from small ‘plaques’ or ‘nameplates’ up to the size of six-sheets. Typically, there are 4 displays per roundabout — the actual number tends to depend on the size of the roundabout and the number of roads feeding into it. This potential for variation makes it inappropriate to promote a single figure on sponsored roundabouts and instead a step-by-step approach is recommended as outlined in this paragraph. In addition, the main manual section provides guidance on how to identify and deal with various size of small format display.

The contractual arrangements between operators vary, but sponsored Roundabouts typically result from an arrangement between an authority with responsibility for the maintenance of a roundabout (or roundabouts) and another person. The authority responsible for roundabouts tend to see the revenue from advertising sponsorship as a way of contributing to the costs associated with maintaining its roundabouts.

Whatever approach is considered appropriate, advertising on roundabouts on busy routes and with prominent and sizeable displays should be treated with care to ensure they are not valued at an insufficient level and, conversely, roundabouts with very small, permanent, tailor made ‘plaques’ or ‘nameplates’ should be carefully considered so they are not valued too highly. Where in doubt, CCT representatives in Regional Valuation Units (RVUs) may assist, or advice should be sought from National Valuation Unit (NVU), following the current protocols.

4.12.1 Firstly, consider rental evidence

As a start point, Valuation Officers should examine available rental evidence. Where there is a rent paid either in respect of an individual roundabout, or for the ability to place sponsored advertising displays on more than one roundabout, it should be carefully considered and adjusted as appropriate to see if it offers a reliable indicator of value.

However, when making the first ever valuation of a particular advertising display based on the rent passing, care should be taken to adjust the rent to reflect the inevitable impact a newly imposed rate payment would have on it.

In the absence of a rent, where sufficient details are known to enable it, and the answer is positive, consider an approach that examines how much is left for rent after expenditure. In other words, arrive at a divisible balance. In many cases there is a ‘profit share’ arrangement between the council and operator in respect of sponsored roundabouts, and this is a good indication of the amount available from the divisible balance.

Even where such an arrangement is in place and a payment is being made to the council, it may be necessary to arrive at a divisible balance separately.

For example, the VTE considered it appropriate in the 2010 list for York to apply such an approach — a divisible balance was calculated which, once divided, resulted in a valuation of £600 for a particular ‘roundabout’ (VTE Appeal Number 274118698930/538N10). When making the first ever calculation to reach the divisible balance, care should be taken to reflect the inevitable impact a newly imposed rate payment would have on it.

4.12.3 Finally, adopt a back-stop figure

A back-stop figure can be used in the absence of any rental evidence, where there is no ‘profit share’ or divisible balance or where insufficient details enable a divisible balance to be determined.

In previous lists, Valuation Officers’ have been encouraged to adopt bus shelter figures as a basis for determining a backstop.

For example, the VTE considered it appropriate in the 2010 lists for Suffolk to place one third of the prevailing bus shelter rate on 2 roundabouts containing signs measuring 90cm by 45cm (around 15% of the size of a six sheet). The prevailing bus shelter rate was £240, resulting in a valuation of £80 for each ‘roundabout’ (VTE Appeal Number 353023683145/538N10).

For sponsored roundabouts, the mandatory sublocation code ADVR is used, with an address matrix. The following prices per roundabout displaying 3 or 4 signs of approximately 90cm by 45cm each should be adopted as back-stop figures:

2026 list back-stop figures: sponsored roundabout advertising (4 ‘enamel type’ static display signs measuring approximately 90cm x 45cm) £ per roundabout:

Location	Town centre (£)	Main roads (£)	Other (£)
Central London (excluding certain ‘key locations’, such as Oxford Street)	£400	£300	£200
Cities and outer London Boroughs	£300	£225	£125
Major towns	£200	£150	£100
Other towns	£175	£125	£75

Where there is a higher number than 4 signs, the area or unit adopted must be adjusted — for example, where there are 6 signs adopt an area or unit of 1.5. Where there are fewer than 4 signs, the adjustment is similar — for example, for 2 signs adopt and area/unit of 0.5.

Where sizes are significantly larger or smaller than 90cm x 40cm, appropriate adjustments should be made. For clarity, only the 6-sheet bus ‘static’ shelter figures should be used as the reference point. Other figures provided elsewhere in this note must not be used as a reference point for sponsored roundabouts.

4.13 Wider application of these figures — general

Where available, it is preferable for rental details to be obtained, adjusted, analysed and adopted as appropriate. However, it is possible that the figures provided in this practice note will be taken and applied more widely to other small format displays. It is therefore important to re-iterate that the figures provided in this note are expressed in terms of single display face, and include structure, planning and illumination costs as appropriate.

They must never be used to value large format advertising displays, such as 48-sheets.

4.13.1 Bus shelter figures

The wider use of the bus shelter figures is sometimes specifically recommended for other positions and locations in some of the paragraphs above.

Generally, wider use of the bus shelter figures should only be done with care. It is important to consider ‘non-bus shelter’ type displays on their own merits. For instance, any local rental and other evidence should be considered when making valuations in respect of ‘non-bus shelter’ small format advertising panels to ensure due account is taken of location and positional differences. Making wider use of the figures in locations off bus routes and in pedestrianised areas is discouraged.

4.13.2 Supermarket figures

The wider application of any figures provided in respect of supermarket panels is not recommended as they relate to named supermarkets only.

4.13.3 Shopping centre figures

The wider application of any figures provided in respect of shopping centre panels is not recommended. They are appropriate for the indoor advertising at shopping centres and not sites in the outside areas, particularly sites fronting peripheral roads.

4.13.4 Petrol Filling Station forecourt figures

The wider application of the catch-all figure provided in respect of Petrol Station Forecourt panels is not recommended as it is by nature a broad scheme, subject to increase or reduction if rental evidence in the locality on similar forecourt display sites emerges. It is not considered likely that the forecourt figure will have any bearing on the figures used for bus shelters and superstores in the vicinity. However, if questions are raised regarding the differentials in value between panels in the same locality, the facts on the ground will need to be considered in each case. Care must be taken to ensure that a true comparison can be made before adjusting any figures, seeking advice following the current protocols as necessary.

4.13.5 Lampposts, motorway service areas, out-of-town non-covered shopping centres, retail parks, phone box, small pavement obelisk and sponsored roundabout figures

The wider application of figures provided in respect of lampposts, motorway service areas, out-of-town non-covered shopping centres, retail parks, phone box, small pavement obelisk and sponsored roundabouts is not recommended.

4.14 Data correction guidance, national sub-location codes and matrix types

Advertising is a class that is supported by a Valuation Support Application (VSA) on the Rating Support Application (RSA). Data correction guidance is provided, and national sub-location codes are specified for many types of display, position and location. A list of VSA and RSA sub-location codes is available in the appropriate Valuation Strategy Document (VSD).

All Sub-location codes provided should be adopted nationally in England and Wales. It includes all formats, both small and large. These codes are the only codes to be used to make advertisement display valuations for R2026. There is a degree of choice within the available codes, but many are mandatory for the types of displays specified (for example, the available code for general digital roadside displays must not be used for bus shelters or superstores under any circumstances). For 2026, only the codes in the sublocation guide are to be used to make valuations of advertisements in local rating lists in England and Wales.

A table detailing these Sub-location codes, associated descriptions and further detail can be found in the appropriate VSD.

Practice note 2: 2026 — large format 48 sheet displays (‘static’ or ‘paper and paste’ only), excluding Central London and excluding most superior locations or positions and spectacular sized displays

1. Market appraisal

Out of Home (OOH) or Outdoor Advertising (OA) appears to be keeping pace with the wider UK advertising movement into more digital formats. It also appears the use of TV and radio advertising remains stable. It is apparent internet advertising continues to do well, at the expense of newspapers, other print media and direct mail.

Looking at 1 April 2024:

The amount spent by advertisers on outdoor advertising is recovering strongly from the pandemic circumstances in 2021 by 2024 reaching pre-pandemic levels of spend seen in 2019.
Small format indoor displays (shopping centres and superstores) have continued to move into digital formats and there is an increasing trend towards digital advertising on both small and now large format outdoor displays.
Greater numbers of digital displays are appearing in outdoor locations. Especially on better or more prominent display sites.
Overall spend on advertising in the UK has seen significant increases, and out of home advertising is showing signs of significant recovery and investment at 1 April 2024
Advertising has always been a dynamic and changing media, embracing new technologies and formats, seeking to attract the attention of a particular target audience. Outdoor (or OOH) follows this trend and the opportunities afforded by digital technologies suggests outdoor display formats will remain a critical campaign option available to the advertiser.

2. Changes from the last practice note

The following broad changes and observations should be considered when comparing the guidance contained in the previous (2023) ‘large format static’ practice note to this (2026) ‘large format static’ practice note:

increase in annual value is evident across this class between 2021 (R2023 valuation date) and 2024 (R2026 valuation date)
valuation guidance and prices have been provided for the same designations of positions and locations as 2023 practice note
whilst digital sites are the preferred display media for OOH small format advertising displays, particularly in the better positions and locations, demand remains for of ‘paper and paste’ displays at 1 April 2024. There is also a growing ‘niche’ market for smaller operators taking sites previously used by larger companies and offering advertising space to local companies and interest groups
rental evidence is available for many large format advertising sites and when considering such rents on advertising rights it is important to consider all the pertinent factors that may impact value
New sublocations are provided for static 48-sheets in specific locations, for example at motorway service stations, at covered shopping centres

3. Ratepayer discussions

No discussions have taken place with companies offering digital OOH advertising or their representatives.

4. Valuation scheme

Basis and scope of this scheme and practice note

This scheme applies for ‘paper and paste’ advertising displays. The prices recommended in this note are for non-superior, non-spectacular, non-electronic and non-digital displays in traditional locations and in ordinary positions.

The figures in this note must not be used if the display is small format (6-sheets) or for any digital or electronic sites. For all small format displays, see practice note 1. For large digital or electronic displays, see practice note 3.

National sub-location codes are required for these displays. These codes were prescribed for previous rating lists and Units should already be applying them. However, Units must check to ensure the codes are being used consistently. The mandatory and recommended sub-location codes, except for A48+, are shown in this note alongside the value shown in the table at 4.4.

Superior locations and spectacular sized iconic displays

Guidance for large format static displays from ‘superior’ structures in ‘superior’ locations, which includes Central London, in prime plus, prime or secondary positions (sublocation codes A48+, A48A and A48B), is not provided in this practice note or valuation scheme.

Guidance for valuation of spectacular sized or iconic static displays is not specified in this practice note. For spectacular sized or iconic static displays, rents must be examined, prices derived, and local valuations made. The rent passing for displays in such superior locations is considered the starting point when making estimates of the rental value of these displays. The basis of individual valuations must be available rental evidence on the subject property, comparable rental evidence from similar superior sites within the locality and emerging comparable assessment evidence on similar superior sites, as appropriate.

4.1 Overview of approach and scheme

4.1.1 Categorisation of location

The scheme of valuation (which specifically excludes central London) identifies four location categories:

Superior location — situated on major roads, close to junctions and motorways, or situated in high footfall locations, such as mainline stations or transport hubs, and, for 2026, the best commercial pedestrian and traffic hubs
Primary or main routes
Busy commercial or industrial roads
Quieter routes

‘Superior’ also covers static lightboxes and spectaculars and any static advertising displays over motorways or adjacent to flyovers. A further ‘sublocation category’ is provided for static advertising displays 48-sheets or larger, including lightboxes and ‘Mega 6s’, in city centres, prime ‘honeypot’ locations and positions adjacent to motorways and flyovers. Such sites are a step above the ‘superior prime’ categorisation and values will be locally derived —for such ‘superior prime plus’ or ‘spectacular’ sites, RVUs should use sublocation code A48+.

In most cases, it should be straightforward to decide upon the most appropriate category to adopt for a particular location.

However, regard may be had to additional factors such as population size, any local restrictions on advertising, whether ‘heritage’ centres and whether the display is in a historic city or town. These factors may have a bearing on the categorisation or classification decision to be made.

4.1.2 Positions within locations

Within each of the 4 ‘urban categories’ above, the scheme of valuation identifies 3 locations:

Prime
Secondary (Average)
Tertiary

Prime

Open view, maximum exposure for example at major traffic control junction, constant traffic flow, good dwell time. Fully visible at ground level.

Secondary (Average)

Typical, non-concealed, commercial position with reasonable dwell time. Elevated (first floor level) with one way vision.

Tertiary

Poorest impact position, elevated with short range display, short dwell time and mainly residential.

4.2 Data capture and the Rating Support Application

Valuations made for Advertising Rights and Land Used for Advertising are undertaken in RSA.

All values shown in this practice note are expressed in terms of one 48-Sheet display panel and the prices shown apply to ‘static’ or ‘paper and paste’ formats only. In other words, the scheme must not be used if the type of display is electronic, digital, or scrolling. Where a site consists of several displays, then the total number of displays should be recorded. If there is more than one static format present, these should be captured as different survey units with the appropriate national sublocation used for each survey unit.

Similarly, where a site consists of both digital and static displays the assessment should be captured using 2 separate survey units, with the appropriate national sublocation on each survey unit. The digital element, typically being the higher value, should be captured as survey unit 1 and the static survey unit 2.

4.2.1 Standard for comparison — Static 48 Sheet Equivalent

All the prices in this practice note relate to a single-sided static 48-sheet as standard.

This means that the prices shown will be doubled for, for example, a 96-sheet, and the line entry code of ‘96S’ achieves this without further adjustment. Similar codes are available for use in the Central Database, and these are explained in the ‘2026 SurvAid’ application. A sample of these is shown in the table below, together with a size comparison to a 48 sheet. It is not an exhaustive list and the stated dimensions and areas of emerging ‘standard’ sizes differ slightly between outdoor advertising companies.

For bespoke sizes, an equivalency must be estimated. For example, if a large square static poster is roughly one and a half times the area equivalent of a 48-sheet, the appropriate price in this note would need to be multiplied by 1.5. To achieve this, a line or survey unit adjustment code of 1.5 (as appropriate) (using a SIZ+ line or survey unit adjustment) is required to achieve the correct price. If a generic code is used, the size of the advertising display should be recorded in the survey line description and remarks on the case.

Taking a Mega 6 static advert as an example, it would be expected to fall into subloc A48+ or A48A national sublocations and, for the purposes of the example, the value of an equivalent static 48 sheet for the location is £5,000 (matrix value). There is no accommodation use code for a Mega 6 so ADS should be adopted in line with the Valuation Strategy Document (VSD) guidance and overwritten to show ‘Mega 6 Advert’. The area should be recorded as 1.0 (for single-sided) and 2.0 (double-sided). In line with the table below a survey unit adjustment (SIZ + 2.0) will need to be made to reflect the size being 2 times the area of a 48 sheet. The resultant valuation would be £10,000, plus structure costs as appropriate.

Display Name (RSA Code)	Potential Adjustments	Approximate Static Display Dimensions (displays may be ‘portrait’ or ‘landscape’)	Size comparison to 48-sheet
48 Sheet (48S)	No further adjustment needed as accommodation use code set at factor 1.0	6.10m x 3.05m Area 18.60m2	1.00
96 Sheet (96S)	No further adjustment needed as accommodation use code set at factor 2.0	12.20m x 3.05m Area 37.20m2	2.00
192 Sheet (192)	No further adjustment needed as accommodation use code set at factor 4.0	24.40m x 3.05m Area 74.40m2	4.00
Mega 6 (ADS)	Adjustment needed (SIZ+2.0) as ADS accommodation use code set at factor 1.0	5.00m x 7.60m Area 38.00m2	2.00

4.3 Structure, planning and illumination

Prices provided in this practice note do not reflect costs for structure, planning and illumination as appropriate.

Where valuation officers obtain rental information in respect of advertising displays, care must be taken to adjust such rents by an appropriate amount depending on the position and location of the displays — costs must be amortised and added to the valuation as appropriate in the plant and machinery (P&M) section in RSA. Rents that inform 2026 valuation schemes in respect of most larger format advertising displays should be adjusted in this way and P&M added to the rent as appropriate.

Where the structure cost is not provided by the ratepayer, costs of installation are available in the 2026 Valuation Office Cost Guide.

4.4 large format (48-sheet) static or paper and paste displays — 2026 list values to be adopted

For 48-sheet displays (paper and paste, not in Central London), the following values, expressed in terms of a single 48-sheet panel, should be adopted (mandatory national sub-location codes are included in brackets, but see the VSD for the full list of mandated codes and responsibilities for R2026):

These values and sublocations are not to be used for ‘static’ or ‘paper and paste’ sites that are located at motorway services (2026 sub-location code MS48) or covered London and Regional covered shopping centres (2026 sub-location code CSLS).

2026 list values: large format ‘static’ or paper and paste 48-sheets (only paper and paste, not in Central London). Not to be used for any sites at motorway services and not to be used at covered London and regional shopping centres.

Location — 48-sheet panels (£/panel)	Prime (£)	Secondary (£)	Tertiary (£)
Superior	Locally derived A48A	Locally derived A48B	£1,250 A48C
Primary or main routes	£1,500 A48D	£1,375 A48E	£1,000 A48F
Busy commercial and industrial roads	£1,375 A48G	£1,200 A48H	£800 A48I
Quieter routes, including non-urban	£900 A48J	£700 A48K	£400 A48L

Sublocation ABNR should be used for all large format banner advertising. Large banners can be freestanding or attached to buildings, often called building wraps. These banners can be attached to scaffolding, wire frames, or directly to the building using systems like eyebolts. Mesh banners are a common choice due to their wind resistance, allowing air to pass through. Vinyl Banners can be made to any size and are ideal for temporary installations.

Banners will typically be of a non-standard size and it is therefore essential that measurements (W x H) of the display, and where possible, the passing rents are obtained, recorded, and analysed in terms of 48 sheet equivalent.

For these bespoke sizes, an equivalency must be calculated as referenced in section 4.2.1. As an example, a large banner measuring 10m (W) x 9m (H) 90m2 is 5 times the size of a 48 sheet (6m x 3m = 18m2). There is no accommodation use code for a banner advert, so ADS should be adopted in line with VSD guidance, overwritten to include the size, for example: ‘Banner Advert 90m2’. The area should be recorded as 1.0 and a survey unit adjustment (SIZ+ 5.0) will need to be made to reflect the size being five times that of a 48-sheet.

Valuations will need to be considered on an individual basis using the available rental evidence.

No addition should be made for planning, structure, or illumination.

4.5 Large format scheme — variation tolerances

End allowances are expected to be reflected in rents where there are permanent unusual disabilities associated with a particular position. However, physical changes in the locality that arise after the rent was agreed (such as the erection of obtrusive street signs or similar paraphernalia) will not be reflected in rents.

This means care should be taken when adjusting rents and making end allowances. Sometimes the adjustment of a rent may indicate an end allowance is appropriate, and other times it may not, in the latter case, an adjustment to the scheme price point may be justified despite a higher rent being paid.

4.6 Wider application of these figures — general

It is possible that the figures provided in this practice note will be taken and applied more widely to other large format displays. It is therefore important to re-iterate that the figures provided in this note are expressed in terms of single display and relate to 48-sheet, ‘static’ or paper and paste displays outside Central London.

4.7 Data correction guidance, national sub-location codes and matrix types

Data correction guidance is provided within 2026 SurvAid and the Data and Valuation Encyclopaedia (DAVE). National sub-location codes are specified for many types of display, position and location. A list of VSA and RSA sub-location codes is available in the appropriate Valuation Strategy Document (VSD).

The sub-location codes provided cover all formats, both small and large and these codes are the only codes to be used to data capture and value advertising hereditaments for R2026. There is a degree of choice within the available codes, but many are mandatory for the types of displays specified (for example, the available code for ‘static’ or ‘paper and paste’ 48 sheet displays must not be used for ‘digital’ 48 sheet displays under any circumstances).

In particular, it is essential to ensure large digital displays (such as, large format digital displays covered in practice note 3) are capable of being dealt with separately. These must be identified by changing the sub-location of a large electronic or digital display to ensure consistency and enable rental evidence to be identified. For 2026, several new sublocations have been created for large format digital displays. These can be found within the 2026 PN3 and the VSD.

A table displaying all national sub-location codes, associated descriptions, responsibilities and further detail can be found in the appropriate VSD.

Practice note 3: 2026 — large format displays (digital only), excluding spectacular displays in non-standard positions and locations

1. Market appraisal

Out of Home (OOH) or Outdoor Advertising (OA) appears to be keeping pace with the wider UK advertising movement, moving into more digital formats. It also appears the use of TV and radio advertising remains stable. It is apparent internet advertising continues to do well, at the expense of newspapers, other print media and direct mail.

Looking at 1 April 2024:

The amount spent by advertisers on outdoor advertising is recovering strongly from the pandemic circumstances in 2021 by 2024 reaching pre-pandemic levels of spend seen in 2019.
Small format indoor displays (shopping centres and superstores) have continued to move into digital formats and there is an increasing trend towards digital advertising on both small and now large format outdoor displays.
Greater numbers of digital displays are appearing in outdoor locations. Especially on better or more prominent display sites
Overall spend on advertising in the UK has seen significant increases, and out of home advertising is showing signs of recovery after a lean period from March 2020 into summer 2020
Advertising has always been a dynamic and changing media, embracing new technologies and formats, seeking to attract the attention of a particular target audience. Outdoor (or OOH) follows this trend and the opportunities afforded by digital technologies suggests outdoor display formats will remain a critical campaign option available to the advertiser.

2. Changes from the last practice note

The following broad changes and observations should be considered when comparing the guidance contained in the previous (2023) ‘large digital’ practice note to this (2026) ‘large digital’ practice note:

increase in annual value is evident across this class between 2021 (R2023 valuation date) and 2024 (R2026 valuation date)
valuation guidance and prices have been provided for the same designations of positions and locations as 2023 practice note
digital sites are generally preferred as the display media of choice for OOH small format advertising displays, particularly in the better positions and locations, many of which are being steadily converted to digital displays or are prime contenders for conversion to electronic or digital displays
rental evidence is available for many large format advertising sites and when considering such rents on advertising rights it is important to consider all the pertinent factors that may impact value.
the single subloc ADIG used for 2023 has been replaced with 13 new 2026 sublocations which are shown in the table at 4.1.1 below. A broad description is provided. A more detailed version, including a map for Central London, can be found within the Valuation Strategy Document. These have been introduced for 2026 with the aim of improving identification of the different types and locations, enhancing the accuracy of survey data and valuations. These should be used for all roadside locations with the exception of CSLD which will generally be located internally and DINF which could be both externally — and internally-located.

3. Ratepayer discussions

No discussions have taken place with companies offering digital OOH advertising or their representatives.

4. Valuation scheme

4.1 Digital Signs

Outdoor digital advertising signs work by combining modern display technology with strategic placement to maximize visibility and engagement. There are the key aspects of how they operate.

Digital Display Technology

These signs use electronic screens, typically LED or LCD, to show advertisements. Unlike static posters, they can display dynamic content, including animations and videos.

Standard sizes include large format 48-sheet panels (used on major roads and city centres). Larger bespoke formats like Mega-6 or spectaculars are also used for high-impact campaigns.

Content Rotation

Digital signs allow multiple ads to run on the same screen, rotating every few seconds. This flexibility means advertisers can share prime locations without needing separate physical panels.

A single digital display can effectively sell multiple ‘faces’ worth of advertising time, significantly increasing revenue potential compared to static posters.

Strategic Placement

Locations are chosen for high visibility and dwell time, such as:

roadside obelisks, lampposts, and telephone kiosks
motorway service areas and petrol stations
shopping centres and retail parks for indoor and outdoor displays

Advantages Over Static Displays

easy updates: content can be changed remotely without physical replacement
higher value: digital sites command higher rents than paper-and-paste posters
better engagement: bright, moving images attract more attention than static signs

Technical and Regulatory Considerations

Installation requires planning permission due to their size, brightness, and potential impact on traffic safety
Operators often enter profit-share agreements with site owners

4.2 Categorisations and definitions of locations and types of display

Outdoor advertising is dependent on visibility and attractiveness to a target audience. The relative merits of each site and sign are important to those exhibiting advertisements. The geospatial location and position of individual large format digital advertising sites have been mapped by advertisers and are well established.

The aspect, position and location of sites and the type and size of signs used for the exhibition of large format digital advertisements are drivers of value and the relative merits of these attributes will assist valuation officers in making valuations.

The following categories or classification of digital sign are referred to and defined in this practice note:

bespoke
iconic
superior
spectacular
standard 48 sheets (national)
standard large format
covered shopping centres
larger or prime retail centres
main arterial routes
main roads (primary and secondary)
non-commuter, commercial and minor roads
public information screens

It is essential to appreciate the relative merits of the various sites and signs used for large format digital advertisements. Locational definitions require careful judgement, particularly at the margins and boundaries. This is expanded on throughout this practice note, and should further clarification become necessary, it is recommended that case workers consult their CCT representative.

The following location descriptions are also referred to in this note:

inner London
outer London
central inner London
major cities
smaller towns and cities
non-commuter, commercial and minor roads

In most cases, it is straightforward to decide upon the most appropriate category and classification to adopt for a large format digital advertising display within a particular location.

Some of the location descriptions are defined as follows.

Inner London

Exhibitions of large digital advertising signs located within and directly adjacent to the London inner ring road, extending to the A3220 to the West, the A40 (Westway) to the North and the A3212 to the South.

Outer London

Exhibitions of large digital advertising signs located outside the London inner ring road.

Outer London central locations

‘Honey pot’ locations in Outer London that attract higher value advertising sites. Such high value areas include Nine Elms, Canary Wharf

Central Inner London

This is defined as locations where signs can be positioned in sites in Inner London that are of greatest attraction for advertisers. These will be found in City of London, City of Westminster, Camden, Islington, Tower Hamlets and Southwark.

Major Cities

City centre and central locations close to main commercial and retail hubs. Includes roundabouts and junctions with good dwell times and those located close to motorway entrances and exits to and from the city or town centres.

Smaller towns and cities

Non-commuter, commercial and minor roads

Includes small and local neighbourhood parades.

4.3 Basis and scope of this scheme and practice note

This scheme and practice note relates to larger format electronic and digital advertising displays.

The figures in this note must not be used if the display is small format (6-sheets) or external ‘static’ or ‘paper and paste’ (illuminated or non-illuminated), backlit sites, Ultra vision or scrolling. For treatment of small format displays, see practice note 1. For treatment of large traditional (sometimes referred to as ‘static’ or ’paper and paste’) displays, see practice note 2.

National sub-location codes are required for displays within this scheme. There have been changes to those codes provided for previous rating lists and units should now adopt these new codes for 2026. However, units must check to ensure the codes are being used consistently. The mandatory and recommended sub-location codes are shown at 4.1.1 below.

4.3.1 New 2026 Sublocation Codes

2026 Sub-location Code	Description	Area and Regions
DIG+	Superior, iconic and bespoke digital advertising signs. Superior in terms of design, structure and/or location and includes towers and motorway towers, shopping centres (externally located) prime city centre. Refer also to section 4.9 below.	All
D48A	Inner and Outer London central locations. Central Inner London — Located within and directly adjacent London inner ring road and extends to the A3220 to the West, the A40 (Westway) to the North and the A3212 to the South. Also includes high value areas including Nine Elms, Canary Wharf. Larger or prime retail centres in both Inner and Outer London boroughs. Spectacular sites and locations should adopt DIG+.	Inner and Outer London
D48B	Central and Inner and Outer London. Main Roads (Primary and Secondary) includes the main arterial, ring roads, commuter, commercial routes into, out of and around the main central areas and the main high streets of Inner and Outer London boroughs. Spectacular sites and locations should adopt DIG+.	Inner and Outer London
D48C	Inner and Outer London. Other non-commuter and commercial and minor roads and includes small and local neighbourhood parades.	Inner and Outer London
D48D	Major Cities — City centre or central locations close to main commercial or retail hubs. Includes roundabouts and junctions with good dwell times and those located close to motorway entrances and exits to and from the city centres. Spectacular sites and locations should adopt DIG+.	Regional
D48E	Major Cities — Main Roads (Primary and Secondary) includes the main arterial, commuter and commercial routes, and ring roads into, out of and around the centre. Spectacular sites and locations should adopt DIG+.	Regional
D48F	Major Cities Other non-commuter and minor roads.	Regional
D48G	Smaller Cities and Towns (major and minor). Centre and central locations close to main commercial and retail hubs. Includes roundabouts and junctions with good dwell times and those located close to motorway entrances and exits to and from city and town centres. Spectacular sites and locations should adopt DIG+.	Regional
D48H	Smaller Cities and Towns (major and minor). Main Roads (Primary and Secondary) includes the main arterial, commuter and commercial routes, and ring roads into, out of and around the centre. Spectacular sites and locations should adopt DIG+.	Regional
D48I	Smaller cities and towns (major and minor). Other non-commuter and minor roads	Regional
DINF	Public information screens, internal and external.	All
CSLD	Covered shopping centres, internally located or where the shopping centre is an out-of-town destination centre, those located immediately outside and includes those within car park areas.	All
MSLD	Large digital advertising displays at motorway services.	All

4.4 Standard for Comparison — Digital 48 Sheet Equivalent

All the prices in this practice note relate to a single sided digital 48-sheet as standard. The 48-Sheet can be in either landscape or portrait format, and measures 3.05m x 6.10m. Although it is appreciated there are ever more bespoke sizes of digital advertising being built, the 48-sheet format is a well-recognised industry standard and is used as the standard throughout this note.

This means the prices shown will be doubled for a 96-sheet, and the line entry code of ‘96S’ achieves this without further adjustment. Similar codes are available for use in the Valuation Support Application (VSA) within the Rating Support Application (RSA), and these are explained in the ‘Survaid’ application. A sample of these sizes are shown in the table below, together with a size comparison to a 48-sheet. It is not an exhaustive list, and the stated dimensions and areas of emerging ‘standard’ sizes differ slightly between outdoor advertising companies.

For bespoke sizes an equivalency must be estimated, for example, if a large square digital poster is roughly one and a half times the area equivalent of a 48-sheet, then the appropriate price in this note is multiplied by 1.5. It is recommended to encourage ready comparison by using the 48-sheet standard.

This may mean line adjustment codes or survey adjustment codes (SIZ +/-) are required to achieve the correct price, depending on the type of RSA matrix used. If a generic code is used, the size of the advertising display should be recorded in survey line description and remarks on the case. Despite the flexibility of digital displays to be made to fit sites of many shapes and sizes, some standardisation of modern large format digital advertising displays has emerged over time.

Taking a Mega-6 digital advert as an example, and the value of an equivalent digital 48 sheet for the location to be £15,000 (matrix value), the following approach should be taken. There is no accommodation use code for a Mega-6 so sublocation ADS should be adopted in line with VSD guidance, overwritten to show as ‘Mega 6 Digital Advert’. The area should be recorded as 1.0 (if single-sided) and 2.0 (if double-sided). In line with the table below, a survey unit adjustment (SIZ+ 2.0) will need to be made to reflect the size being twice that of a 48-sheet. The resultant valuation would be £30,000, plus structure costs as appropriate.

Display Name	RSA Accommodation Use Code or Adjustment	Approximate Digital Display Dimensions (displays may be ‘portrait’ or ‘landscape’)	Size comparison to 48-sheet
48-Sheet	48S — no further adjustment needed as accommodation use code set at factor 1.0	6.10m x 3.05m Area 18.60m2	1.00
96 Sheet	96S — no further adjustment needed as accommodation use code set at factor 2.0	12.20m x 3.05m Area 37.20m2	2.00
192 Sheet	192 — no further adjustment needed as accommodation use code set at factor 4.0	24.40m x 3.05m Area 74.40m2	4.00
Golden Square	ADS — adjustment needed (SIZ + 2.0) as accommodation use code set at factor 2.0	6.10m x 6.10m Area 37.20m2	2.00
Mega 48-Sheet	ADS — adjustment needed (SIZ + 2.0) as ADS accommodation use code set at factor 2.0	8. 80m x 4.40m Area 38.72m2	2.00
Mega 96-Sheet	ADS — adjustment needed (SIZ + 4.5) as ADS accommodation use code set at factor 4.50	18.20m x 4.60m Area 83.40m2	4.50
Mega 6	ADS — adjustment needed (SIZ + 2.0) as accommodation use code set at factor 2.0	5.00m x 7.60m Area 38.00m2	2.00

A diagrammatic representation of some of the relative sizes of prevalent traditional and emerging large format display sizes is available in the Valuation Strategy Document (VSD).

4.5 Data capture and the Rating Support Application (RSA)

All advertising hereditaments are data captured and valued in RSA, using its Valuation Support Application (VSA).

All values shown in this practice note are expressed in terms of one 48-Sheet display panel and the price applies to large format electronic or digital format types.

4.6 Structure, planning and illumination

Prices provided in this practice note do not reflect costs for structure, planning and illumination as appropriate.

Where valuation officers obtain rental information in respect of advertising displays, care must be taken to adjust such rents by an appropriate amount depending on the position and location of the displays — structure and signage costs are not typically reflected in rents paid for exhibiting advertisements whether from advertising rights or land used for advertising. This means the scheme prices recommended in this note do not reflect structure and signage costs. Structure and signage costs must be added to the valuation as appropriate in the P&M section of VSA. Rents that inform 2026 valuation schemes in respect of most larger format advertising displays should be adjusted without reflecting structure costs structure costs added to the valuation in the VSA as appropriate.

Where the structure cost is not provided by the ratepayer, costs of installation for advertising structures and signage are available in the Valuation Office cost guide for 2026.

Digital display screens are considered part of the hereditament — the cost of building the digital display sign must be included in any structure costs additions on VSA.

4.7 Exclusion — Locations and types of digital advertising display not covered by prices in this note

Specific valuation guidance for large digital advertising displays is not provided and the prices recommended in this practice note do not cover all large digital displays. Certain locations, situations, positions, and formats remain to be dealt with by adjusting and analysing available evidence and arriving at a conclusion. These sites typically are bespoke, iconic or spectacular, and in prominent locations and will generally fall within DIG+ sublocation.

The location descriptions adopted below are specific and wider use of prices is not recommended.

4.8 Large Standard Digital 48 Sheets (National) — (excluding Large Superior, Excluding Towers and Spectaculars. Excluding Regional Shopping Centre Internal Displays)

4.8.1 Categorisation of location

The scheme of valuation identifies 3 location categories:

CAT A — Located at junctions, traffic lights or pinch points with good dwell times. Signs may be positioned to be visible from multiple directions and will have open or unobstructed views.
CAT B — Roadside locations. Signs will be positioned to ensure reasonable dwell time or increased dwell times at peak periods. Positioned for good visibility typically one direction.
CAT C — Roadside locations with free-flowing traffic and little dwell time. Signs may be in positions that have limited visibility, be partially obscured or set away from the roadside.

In most cases, it should be straightforward to decide upon the most appropriate category to adopt for any particular location.

Valuation of digital sites that do not fit into these locations, and those that are not covered elsewhere in this or other R 2026 practice notes, are to be considered separately, adopting available evidence to formulate local schemes, as necessary.

4.8.2 Standard large format — digital (excluding spectaculars sites or locations and those located inside regional covered shopping centres) — 2026 list values to be adopted

For digital 48-sheet displays, the following values, expressed in terms of a single 48-sheet display panel, should be adopted:

For sites located close to Inner and Outer London borough boundaries, it may be appropriate to adopt the Inner London (IL) value or vice versa. Consideration should be given to rental evidence in the locality.

Location Description	Sublocation Code	Location CAT A, £per 48 sheet	Location CAT B, £per 48 sheet	Location CAT C, £per 48 sheet
Inner London (IL) and Outer London (OL) central locations	D48A	£36,000 (IL) £20,000 (OL)	£33,000 (IL) £18,000 (OL)	£27,500 (IL) £14,000 (OL)
Inner London (IL) and Outer London (OL) — main roads (primary routes)	D48B	£22,000 (IL) £18,000 (OL)	£20,000 (IL) £14,000 (OL)	£14,000 (IL) £12,000 (OL)
Inner London (IL) and Outer London (OL) — main roads (secondary routes)	D48B	£14,000 (IL) £12,000 (OL)	£12,000 (IL) £10,000 (OL)	£10,000 (IL) £8,000 (OL)
Inner and Outer London — other non-commuter and quieter locations (tertiary)	D48C	£8,000	£7,000	£5,000
Major city central locations	D48D	£17,000	£15,000	£13,000
Major city — main roads (primary routes)	D48E	£13,000	£11,000	£9,000
Major city — main road (secondary routes)	D48E	£11,000	£9,000	£7,000
Major city — other non-commuter and quieter locations (tertiary)	D48F	£7,000	£6,000	£5,000
Smaller city and towns central locations	D48G	£13,000	£11,000	£9,000
Smaller city and towns (major and minor) — main roads (primary routes)	D48H	£11,000	£9,000	£7,500
Smaller City and towns (major and minor) — main roads (secondary routes)	D48H	£8,000	£6,500	£5,500
Smaller city and towns (major and minor) — other non-commuter and quieter locations (tertiary)	D48I	£6,500	£5,500	£4,000

4.9 Large Superior and Spectacular Format Roadside and Streetside Digital 48 Sheets (National — external excluding covered shopping centres)

4.9.1 Categorisation of Location and Structure

The scheme of valuation identifies a number of location categories and defined structure types that should adopt the sublocation DIG+:

Iconic Sites
Motorway Towers
Digital Bridges or Flyovers
City Centre or Central Locations (excluding non-covered shopping centres)
Main Roads

In the majority of cases, it should be straightforward to decide upon the most appropriate category to adopt for any particular location.

4.9.2 Superior large format — 2026 list values to be adopted

For digital displays, the following values, expressed in terms of a single 48-sheet display panel, should be adopted:

NB — Many of these type of sites will be ‘Mega’ sites and may also be double-sided so care must be taken to correctly identify the type and size of display to be valued. If larger than a 48 sheet, survey and values will require adjustment in line with the size comparison chart in 4.2 above.

Inner and Outer London	Type	Subloc	Value per 48 sheet	Notes
Iconic Sites or Bespoke Sites — Iicluding Central Inner London high value areas, for example Piccadilly Circus, Leicester Square	Iconic	DIG+	Individual	May also include certain displays in central locations with supporting rents
High value routes or locations, for example, A4/M4 Corridor A40/M40 Corridor Superior and Iconic sites and structures including substantial towers	Iconic	DIG+	£100,000 £120,000	Value shown is the matrix value in terms of 48 sheet. As an example a Mega 6 adopting £100,000 would therefore value at £200,000 per display/face.
High value routes or locations, for example A4/M4 Corridor A40/M40 Corridor — non Superior or Iconic	Excludes Iconic	DIG+	£70,000 £80,000	Value shown is the matrix value in terms of 48 sheet. As an example a Mega 6 adopting £70,000 would therefore value at £140,000 per display/face.
Central Locations and Central Inner London — main roads	Excludes Iconic	DIG+	£55,000 £65,000	Value shown is the matrix value in terms of 48 sheet. As an example a Mega 6 at £55,000 would therefore value at £110,000 per display or face.
Digital bridges (underpasses), motorway and regional flyovers, Expressways. Includes towers — excludes Central Inner London and other high value routes and locations, for example A4/M4 Corridor A40/M40 Corridor	Excludes Iconic	DIG+	£37,500	Value shown is the matrix value in terms of 48 sheet. As an example a 96 would therefore value at £75,000 per display or face.
Main roads and dual carriage ways — excludes Central Inner London and other high value routes and locations, for example A4/M4 Corridor A40/M40 Corridor	Excludes Iconic	DIG+	£35,000	Value shown is the matrix value in terms of 48 sheet. As an example a Mega 6 would therefore value at £70,000 per display/face.

Regional (excluding Inner andOuter London)		Subloc	Value per 48 sheet	Notes
Iconic Sites and Bespoke Sites — for example, Birmingham Eyes, Lime Street, Liverpool, Victoria Warehouse, Trafford Park		DIG+	Individual	May also include certain displays in central locations with supporting rents
Central location — shopping areas	Excludes Iconic	DIG+	£60,000 £70,000	Value shown is the matrix value in terms of 48 sheet. As an example a Mega 6 would therefore value at £120,000 per display or face.
Central locations — main Roads	Excludes Iconic	DIG+	£35,000 £45,000	Value shown is the matrix value in terms of 48 sheet. As an example a Mega 6 would therefore value at £90,000 per display/face.
Digital Bridges, motorway and regional flyovers, expressways, includes towers — non Central	Excludes Iconic	DIG+	£35,000	Value shown is the matrix value in terms of 48 sheet. As an example a Mega 6 would therefore value at £70,000 per display/face.
Main Roads	Excludes Iconic	DIG+	£27,500	Value shown is the matrix value in terms of 48 sheet. As an example a Mega 6 would therefore value at £55,000 per display/face.

4.10 London and regional covered shopping centres (Large Format Internally Located Only)

Large format digital advertising located within or immediately outside (those that are out-of-town centre covered shopping centres) and usually with a single landlord. Screens will generally be found by escalators (free-standing on substantial supports), suspended from ceilings or on prominent internal facing walls. They will be arranged in both portrait and landscape orientation.

It is important to correctly identify the size of display as this may vary throughout the centre or from centre to centre. One of the most common formats is portrait 48 sheet. However, being located internally sites may appear larger than what they are. Wherever possible, measurements should be obtained and where larger or smaller than a 48 sheet (3.05m x 6.10m) be adjusted accordingly by way of SIZ +/- survey unit/line adjustment.

Sizes and additional information may be found on the advertisers’ websites and also planning applications.

The values shown below are expressed in terms of one 48-Sheet display panel. For larger or smaller displays, please refer to section 4.4 above.

4.10.1 Large format — Regional covered shopping centres (excluding London, internally located only) — 2026 list values to be adopted

2026 list figures: Regional Covered Shopping Centres — Inside Only:

Tier	(£ per face/side)	Sublocation Code
Tier 1 — city centre shopping, centres with limited competition	60,000 to 80,000	CSLD
Tier 2 — destination centres, including smaller city centres or large centres where there are a number of competing shopping centres	30,000 to 50,000	CSLD
Tier 3 — smaller city centres and town centres	25,000	CSLD

4.10.2 Large format — London covered shopping centres (London only, internally located only) — 2026 list values to be adopted

2026 list figures: London Covered Shopping Centres — Inside Only:

Tier	(£ per face/side)	Sublocation Code
Tier 1 — centrally located shopping Borough centres or large towns with limited competition	70,000 to 100,000	CSLD
Tier 2 — destination shopping centres, including smaller city centres or large shopping centres where there are a number of competing shopping centres	40,000 to 60,000	CSLD
Tier 3 — smaller borough centres or town centres	35,000	CSLD

4.11 Motorway Service Areas Large Digital Displays

Unless there is rental evidence to the contrary, Valuation Officers should adopt £6,000 for sheet sizes between 16-sheet and 32-sheet sizes or similar, plus structure costs. Any larger digital displays (48-sheet and bigger) at motorway service areas should be valued by reference to local rental evidence, plus structure costs, as appropriate. Sublocation Code MSLD should be used.

4.12 Large format scheme — variation tolerances

When making rental comparison valuations, it is anticipated that a range of different adjusted rents will emerge from a basket of evidence for a location and/or display type from which a price point will be determined. Where sites are comparable, it is reasonable and within normal tolerances to find individual rents are higher or lower than their associated rateable values. It follows that permanent unusual attributes associated with a particular location or position will also be reflected in rents, requiring more individual attention and a specific adjustment. Furthermore, unforeseeable physical changes in the locality that arise after the rent was agreed (such as the erection or removal of obtrusive street signs or similar paraphernalia) will not be reflected in rents.

This means care should be taken when adjusting rents and considering end allowances, end additions or adjustments to the scheme price for a particular situation. In many instances, the analysis of a rent that does not align perfectly with the price adopted merely indicates the anticipated higgling of the market. However, an unusual attribute, particularly where it appears reflected in the rental analysis, could indicate that an individual end allowance or addition is appropriate for that site (or an adjustment to the adopted price).

4.13 Wider application of these figures — general

The figures provided in this practice note should only be applied more widely to comparable displays after careful consideration. It is important to re-iterate that the figures provided are expressed in terms of a single display face and relate to 48-sheet, non-spectacular digital displays outside Central London.

4.14 Data correction guidance, national sub-location codes and matrix types

The Sub-location codes provided cover all formats, both small and large and these codes are the only codes to be used to data capture and value advertising hereditaments for R2026. There is a degree of choice within the available codes, but many are mandatory for the types of displays specified (for example, the available code for ‘static’ or ‘paper and paste’ 48 sheet displays must not be used for ‘digital’ 48 sheet displays under any circumstances).

It is essential to ensure electronic and digital displays covered by this note are capable of being dealt with separately. These must be identified by assigning a digital or electronic large format display the sub-locations shown in 4.1.1 above. This will ensure consistency and enable rental evidence to be identified. Sub-location codes are mandatory for use with electronic or digital advertising displays, large format (not 6-sheets), including information screens. For treatment of large traditional (‘static’ or paper and paste) displays, see practice note 2.

A table displaying all the national sub-location codes, associated descriptions and further detail can be found in the appropriate VSD.

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Advertising rights, advertising stations and land used for advertising — practice note 2026

Practice note 1: 2026 — small format displays (digital and static), including those on bus shelters and at supermarkets

1. Market appraisal

2. Changes from the last small-format displays practice note

3. Ratepayer discussions

4. Valuation schemes

4.1 Data capture and the Rating Support Application

4.2 Structure, planning, and illumination

4.3 Bus Shelter Advertising Displays — Overview of approach and scheme

4.3.1 Categorisation of towns and cities

Central London

Cities, outer London Boroughs, major towns and other towns

4.3.2 Classification within towns or cities

Town centre

Main roads

Other locations

4.4 Bus shelter displays — 6-Sheets — 2026 list values to be adopted

4.4.1 Bus shelter 6-sheet panels

4.4.2 Bus shelter displays — other considerations

4.5 Supermarket 6-sheet panels — 2026 list values to be adopted

4.6 Shopping centres, retail parks and retail or entertainment complexes

4.6.1 Regional covered shopping centres and destination centres (electronic or digital only, excluding London and internally located only)

4.6.2 London Covered Shopping Centres and destination centres (electronic or digital only, London only, internally located only)

4.6.3 Regional covered shopping centres and destination centres (static only, excluding London, internally located only)

4.6.4 London covered shopping centres and destination centres (static, excluding London and internally located only)

4.6.5 Static or ‘paper and paste’ 6-sheets at out-of-town non-covered retail and outlet parks, leisure and entertainment complexes

Lamppost and Traditional

4.7 Petrol filling station forecourt panels — 2026 list values to be adopted

4.8 Lamppost advertising on 6-sheets — 2026 values to be adopted

4.8.1 Lampposts on roadside locations in towns and cities

4.9 Motorway service areas — 2026 list values to be adopted

4.10 Advertising from fully enclosed telephone boxes, cowls, and associated pavement level public communications paraphernalia — 2026 list values to be adopted

4.10.1 Fully enclosed telephone boxes or kiosks — ‘stick on’ or ‘wrap around’ types — non-standard sizes

4.10.2 Fully enclosed telephone boxes — 6 sheets

4.10.3 ‘obelisk with cowl’ types — 6 sheets

4.10.4 Digital ‘Pavement obelisk’ telecoms or ‘display sandwich’ types — 6 sheets

4.10.5 ‘Pavement obelisk’ telecoms or ‘display sandwich’ types — Digital ‘TV screen’ types — Other sizes (smaller than 6-sheets)

4.11 Digital Pavement Pedestrianised and Roadside (except where specified in 4.4 to 4.9 above)

4.11.1 Static Pavement (Pedestrianised and Roadside) 6-sheets (except where specified in paragraphs 4.4 to 4.9 above)

4.11.2 Static Pavement (Pedestrianised and Roadside) 4-sheets and static non-standard small format displays

4.12 Sponsored roundabouts — 2026 list values to be adopted

4.12.1 Firstly, consider rental evidence

4.12.2 Secondly, where the accounts show there is potential for a profit, look for a ‘profit share’ or divisible balance

4.12.3 Finally, adopt a back-stop figure

4.13 Wider application of these figures — general

4.13.1 Bus shelter figures

4.13.2 Supermarket figures

4.13.3 Shopping centre figures

4.13.4 Petrol Filling Station forecourt figures

4.13.5 Lampposts, motorway service areas, out-of-town non-covered shopping centres, retail parks, phone box, small pavement obelisk and sponsored roundabout figures

4.14 Data correction guidance, national sub-location codes and matrix types

Practice note 2: 2026 — large format 48 sheet displays (‘static’ or ‘paper and paste’ only), excluding Central London and excluding most superior locations or positions and spectacular sized displays

1. Market appraisal

2. Changes from the last practice note

3. Ratepayer discussions

4. Valuation scheme

Basis and scope of this scheme and practice note

Superior locations and spectacular sized iconic displays

4.1 Overview of approach and scheme

4.1.1 Categorisation of location

4.1.2 Positions within locations

Prime

Secondary (Average)

Tertiary

4.2 Data capture and the Rating Support Application

4.2.1 Standard for comparison — Static 48 Sheet Equivalent

4.3 Structure, planning and illumination

4.4 large format (48-sheet) static or paper and paste displays — 2026 list values to be adopted

4.4.1 Large format static banner advertising

4.5 Large format scheme — variation tolerances

4.6 Wider application of these figures — general

4.7 Data correction guidance, national sub-location codes and matrix types

Practice note 3: 2026 — large format displays (digital only), excluding spectacular displays in non-standard positions and locations

1. Market appraisal

2. Changes from the last practice note

3. Ratepayer discussions

4. Valuation scheme

4.1 Digital Signs

Digital Display Technology