Businesses occupying the best properties in Central London will overall see increases in their business rates next April, according to new analysis from Colliers.
Following the publication of the draft list, the rateable value of offices in Central London as a whole have risen from £8.5bn to £9.7bn – an increase of 14.1 % – which has fed through into changes in rates payable.
In Mayfair, Kensington and Fitzrovia bills look set to increase by 33% , 29% and 24% respectively following the revaluation. In Mayfair, businesses occupying prime office space will be paying rates bills of £89.52/sq ft – the highest level in Central London – followed by £69.90/sq ft in St James’s.
Properties in 12 of the 28 London boroughs analysed by Colliers will be paying rate bills of more than £40/sq ft and a further seven will be paying more than £35/sq ft, however, 16 boroughs will experience rates increases of less than 10%.
Rates bills will fall in six areas in April next year. In Canary Wharf rates will fall by 6%, MarshWall (4%), East City/Aldgate (4%), Shoreditch (4%), Vauxhall/Battersea (4%) and London Bridge (3%).
Rates liability in Canary Wharf will now be £16.86/sq ft and in Marsh Wall £12.77/sq ft – the lowest in Colliers’ analysis of Central London locations.
Alex White, head of business rates in London for Colliers said: “The general theme based on the draft list figures that were released last week is one of winners and losers. Although we have seen the majority of rateable values on Central London offices increase, the rebasing of the multiplier, even for those with valuations over £500,000, has seen those with the smallest rateable value increases actually better off from 1 April 2026.
“On the flip, there are some markets where rateable values have increased materially and even with the lowering of the multiplier, rates liability will see sizeable double digit percentage increases. Now we are aware of the 2026 rateable values it allows us to review ratepayers’ rates liability over a six-year period from 1 April 2023 to 31 March 2029 to ensure the accuracy of the tax. This is something all Central London office occupiers and landlords should do, particularly with the deadline to look at the retrospective position closing on 31 March 2026.”
