Westminster 'has the highest average business rates'

30 June 2011

Investors with commercial mortgages in the Westminster area of London can charge the highest business rates in England, new figures have shown.

According to data from the Valuation Office Agency, obtained by Crunch.co.uk, last year companies paid £123,600 per annum for space in SW1, with the City the second most expensive borough at £111,000 per year.

Hillingdon came in third at £100,600, followed by Crawley and Kensington and Chelsea, at £86,800 and £80,300 respectively.

The cheapest business rates were found in Tendring, Essex, which stood at £9,300.

Darren Fell, founder of Crunch.co.uk, said: "There are lots of different costs associated with setting up and running a business and rates are important to consider, especially for those in need of a fixed business premises trading in an expensive part of the country."

Cardiff-based Robert Chapman, chair of the Royal Institution of Chartered Surveyors' regional association, said recently that commercial mortgage holders need to consider the profitability of their buildings and incorporate this into their strategies going forward, the Western Mail reported.

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