By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Start Your Business Magazine
  • Store
    Merchandise
    Subscribe
  • Features

    Grow, expand and leverage your business..

    Grow your start up business with our experts and industry insiders…

    Get Started

    Quick Links

    • Agenda
    • Business Books
    • Marketing
    • Technology
    • Wellbeing
    • Finance
    Reading: Business rates crisis: The best areas to relocate to when rates rise

    Our Newsletters

    Our website stores cookies on your computer. They allow us to remember you and help personalise your experience with our site..

    Read our privacy policy for more information.
  • Book
  • Trending
    Technology

    How to make your online presence more sustainable

    With the threat of climate change growing larger each day, individuals and…

    Uncategorized

    Promotional Products That Boost Visibility and Loyalty

    In a world filled with digital noise, tangible, branded merchandise stands out…

    blog

    Scam Report: The Latest Trends in SMS Cyber Attacks

    Brands Most Frequently Imitated  by Scammers Many SMS scams impersonate businesses to…

  • Topics

    Topics

    • Agenda
    • Blogs
    • Book Review
    • Business Advice
    • eCommerce
    • SME Update
    Reading: Business rates crisis: The best areas to relocate to when rates rise
    • Events
    • Business Experts
    • Featured
    • Franchise
    • Growing Business
    • Health
    Reading: Business rates crisis: The best areas to relocate to when rates rise
    • Finance
    • Franchise Experts
    • How To
    • Interviews
    • Just for fun
    Reading: Business rates crisis: The best areas to relocate to when rates rise
    • Lifestyle
    • Making money
    • Manufacturing
    • Marketing
    • Money
    • Property
    Reading: Business rates crisis: The best areas to relocate to when rates rise
    • Starting Up
    • Taxation
    • Technology
    • Wellbeing
    • Women in Business
    Reading: Business rates crisis: The best areas to relocate to when rates rise
Reading: Business rates crisis: The best areas to relocate to when rates rise
Connect
Start Your Business MagazineStart Your Business Magazine
Aa
  • Magazine
  • SEO – Backlinks
  • Book: Start Your Business
Search
  • Agenda
  • Book Review
  • Blogs
  • Finance
  • Growing Business
  • How To
  • Interviews
  • Marketing
  • SME Update
  • Starting Up
  • Technology
  • Wellness
  • Contact
Have an existing account? Sign In
Follow US
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
  • SEO
Copyright © 2014-2023 Ruby Theme Ltd. All Rights Reserved.

Business rates crisis: The best areas to relocate to when rates rise

Start Your Business
agenda
Share
6 Min Read

Money.co.uk business loans experts’ research revealed that generally, the areas with the lowest rents have the least number of properties available. This reinforces the notion that rents are something businesses consider a priority when deciding where to base themselves.

  • Westminster has the highest number of available properties as well as the highest rent

  • Birmingham has the second most properties available after Westminster, yet the rent is 7 times less.

  • Birmingham, Somerset and County Durham provide rates under £100 per sqm as well as being in the top 10 for the highest property availability

  • West Lindsay ranks 31st on the list of places with the most available properties, as well as ranking number 5 on the list of cheapest rent.

  • West Lancashire is in the top 20 for lowest rent but is also one of the top 50 areas with the most available properties – making it a good place for new businesses to set up.

The graph below shows that as rent increases, so does the amount of available properties.

Cameron Jaques, money.co.uk business loans expert, comments on how important it is for small business owners to factor increasing rates into their long-term plans.

“With the business rates rise on the horizon of the coming year, small business owners might find the impact is multifaceted. Small businesses often operate on tight budgets, so an increase in business rates can strain their finances, leading to reduced profits or even financial losses.

“Higher operating costs due to increased business rates may also make it harder for small businesses to compete with larger corporations. They may struggle to offer competitive prices or invest in growth initiatives.

“Finally, as business rates are typically paid annually or semi-annually, small businesses might experience cash flow issues when they have to set aside a significant amount of money to cover the increased rates.

“Relocating your business to an area with lower rates can be disruptive and costly in the short term, as it involves moving personnel, equipment, and potentially establishing new customer relationships. However, if it mitigates the aforementioned problems concerning cash flow and profit, it might be worth considering.”

Top 10 cities with lowest business rates/rent:

Local authority

Available properties

Available properties as a % of properties

Total area (m/2)

Total rent value

Rent per sqm

# of properties

North Lincolnshire

21

0.13%

3494843

£93,530,952.00

£26.76

16775

North East Lincolnshire

64

0.37%

2733747

£87,755,212.00

£32.10

17201

Rossendale

44

0.47%

1011056

£34,450,638.00

£34.07

9374

Powys

47

0.26%

1503739

£53,095,380.00

£35.31

17922

West Lindsey

56

0.73%

1037290

£37,210,212.00

£35.87

7664

Erewash

42

0.34%

1582457

£57,269,856.00

£36.19

12377

Neath Port Talbot

16

0.12%

1510105

£54,962,356.00

£36.40

13037

Blaenau Gwent

12

0.18%

826422

£30,135,475.00

£36.47

6830

East Riding of Yorkshire

15

0.04%

4910816

£182,570,575.00

£37.18

37465

Mid Suffolk

34

0.34%

1510932

£56,344,265.00

£37.29

9958

Top 10 cities with the highest number of available properties as a % of properties

Local authority

Available properties

Available properties as a % of properties

Total area (m/2)

Total rent value

Rent per sqm

# of properties

Islington

403

1.45%

2274858

£656,439,477.00

£288.56

27733

Hackney

371

1.41%

1663931

£445,415,177.00

£267.69

26242

City of London

425

1.27%

7418676

£3,228,031,247.00

£435.12

33579

Westminster

1021

1.11%

7954997

£4,821,811,742.00

£606.14

91714

Oadby and Wigston

46

1.03%

546422

£28,623,559.00

£52.38

4472

Watford

87

1.03%

1017077

£144,356,655.00

£141.93

8476

Cheshire West and Chester

355

1.02%

4133994

£287,504,282.00

£69.55

34866

Warrington

222

1.02%

3515825

£226,415,411.00

£64.40

21852

Manchester

583

1.02%

6493418

£749,825,333.00

£115.47

57435

Southwark

307

0.99%

2834875

£868,604,049.00

£306.40

30922

Cameron has also given his top tips for keeping costs low when starting a business:

“Starting a business can be expensive, but there are several strategies you can employ to keep costs low and maximise your chances of success. Here are some top tips:

“Work from home or a shared space: Avoid expensive office rentals by working from home or using coworking spaces until your business is more established.

“Outsource and freelance: Instead of hiring full-time employees, consider outsourcing tasks to freelancers for specific projects.

“Start small: Begin with a minimal viable product (MVP) and a lean business model. Focus on essential features and services to avoid unnecessary expenses.

“Create a detailed business plan: A well-thought-out business plan can help you allocate resources efficiently and set realistic financial goals.

“Negotiate with suppliers: Negotiate terms and prices with suppliers to secure the best deals. Consider forming partnerships with suppliers to access discounts.

“Monitor expenses closely: Keep a close eye on your finances, track expenses, and review your budget regularly to identify cost-saving opportunities.

“Prioritise marketing and sales: Focus on marketing and sales efforts that have a high return on investment (ROI), such as content marketing, social media, and email marketing.

“Barter and trade services: Explore opportunities to exchange goods or services with other businesses instead of paying for them.”

“Bootstrap: Use your savings and revenue generated by the business to fund its growth instead of seeking external funding initially.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Start Your Business November 3, 2023
Share this Article
Twitter LinkedIn Reddit Email Copy Link
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
  • SEO

Get the latest from us delivered straight to your inbox

Start Your Business Magazine: The Ultimate Business Start Up Guide provides information advice and guidance for entrepreneurs and new business start ups. Get the latest from us delivered directly to your inbox.

Our website stores cookies on your computer. They allow us to remember you and help personalize your experience with our site..

Read our privacy policy for more information.

Copyright 2023 Gambit Interactive Media Limited – All Rights Reserved.

Manage Cookie Consent
We use technologies like cookies to store and/or access device information. Cookies are used for ads personalisation We do this to improve browsing experience as well as show personalized ads. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?