Menu
26/05/2010
Unstable Market Delays Revaluation
Instability in the local commercial property market has prompted a delay in a planned revaluation of business properties.
To allow time for the market to recover, NI Finance Minister Sammy Wilson has announced his decision not to proceed with the revaluation of non-domestic properties, planned for April 2011 that had originally been due to take effect in April 2010.
Speaking about his decision, the Minister (pictured) said: "I announced last year that I was postponing the revaluation of non domestic properties until 2011.
"I had taken this decision in light of the instability in the local commercial property market, to allow time for the market to recover.
"I also wanted Land and Property Services to monitor the market and, if possible, review the valuations to reflect the changed conditions.
"The analysis my Department has undertaken over recent months supports the Commissioner of Valuation’s view that there is insufficient market evidence at this time to establish a reliable new Valuation List of non domestic properties.
"The analysis also suggests that, if the revaluation proceeded, it would fall well short of international valuation standards.
"I cannot allow this to happen because the stability of the tax base is all important, not simply for the Assembly but for local government finances as well."
He continued: "Unfortunately, while there are some signs of recovery in the wider economy, I do not believe that the commercial property market has stabilised sufficiently to allow a revaluation to proceed with any confidence.
"I know there will be some who will be disappointed with this decision. However, I think a cancellation is in the best interests of the business community, as well as the local councils who rely on certainty in these matters to plan for the future."
In order to avoid any further uncertainty, the Minister has also announced that the next revaluation will now take place in April 2015.
"This will allow Northern Ireland to align with the next revaluation of non domestic properties in the rest of the UK, which is due to occur then.
(NS/BMcC)
To allow time for the market to recover, NI Finance Minister Sammy Wilson has announced his decision not to proceed with the revaluation of non-domestic properties, planned for April 2011 that had originally been due to take effect in April 2010.
Speaking about his decision, the Minister (pictured) said: "I announced last year that I was postponing the revaluation of non domestic properties until 2011.
"I had taken this decision in light of the instability in the local commercial property market, to allow time for the market to recover.
"I also wanted Land and Property Services to monitor the market and, if possible, review the valuations to reflect the changed conditions.
"The analysis my Department has undertaken over recent months supports the Commissioner of Valuation’s view that there is insufficient market evidence at this time to establish a reliable new Valuation List of non domestic properties.
"The analysis also suggests that, if the revaluation proceeded, it would fall well short of international valuation standards.
"I cannot allow this to happen because the stability of the tax base is all important, not simply for the Assembly but for local government finances as well."
He continued: "Unfortunately, while there are some signs of recovery in the wider economy, I do not believe that the commercial property market has stabilised sufficiently to allow a revaluation to proceed with any confidence.
"I know there will be some who will be disappointed with this decision. However, I think a cancellation is in the best interests of the business community, as well as the local councils who rely on certainty in these matters to plan for the future."
In order to avoid any further uncertainty, the Minister has also announced that the next revaluation will now take place in April 2015.
"This will allow Northern Ireland to align with the next revaluation of non domestic properties in the rest of the UK, which is due to occur then.
(NS/BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
21 August 2013
NI Property Prices Increase
Residential property prices in Northern Ireland increased for first time since 2007, according to a new report. The Northern Ireland Residential Property Price Index report for the second quarter of 2013 showed that between quarter one and quarter two, residential property prices increased by 2%.
NI Property Prices Increase
Residential property prices in Northern Ireland increased for first time since 2007, according to a new report. The Northern Ireland Residential Property Price Index report for the second quarter of 2013 showed that between quarter one and quarter two, residential property prices increased by 2%.
14 November 2024
Belfast Christmas Market Announces Dublin Express As Official Travel Partner
Belfast Christmas Market is set to celebrate its 20th anniversary in style, with the announcement of Dublin Express as its official travel partner. Opening its gates on November 16th at 12 noon, the market is expected to attract over a million visitors.
Belfast Christmas Market Announces Dublin Express As Official Travel Partner
Belfast Christmas Market is set to celebrate its 20th anniversary in style, with the announcement of Dublin Express as its official travel partner. Opening its gates on November 16th at 12 noon, the market is expected to attract over a million visitors.
27 April 2004
Lisney named as leading property agency in NI
Belfast consultancy Lisney has been named as the leading commercial property agency in Northern Ireland by the online version of leading property journal Estates Gazette. Lisney came out on top in Northern Ireland in the EGi Deals competition, which seeks to find the most active commercial property agents in the UK.
Lisney named as leading property agency in NI
Belfast consultancy Lisney has been named as the leading commercial property agency in Northern Ireland by the online version of leading property journal Estates Gazette. Lisney came out on top in Northern Ireland in the EGi Deals competition, which seeks to find the most active commercial property agents in the UK.
27 April 2017
Confidence In Commercial Property Market Remains 'Relatively Robust'
Confidence within Northern Ireland's commercial property market remains relatively robust, despite a clear trend of falling interest from foreign investors, according to a new data.
Confidence In Commercial Property Market Remains 'Relatively Robust'
Confidence within Northern Ireland's commercial property market remains relatively robust, despite a clear trend of falling interest from foreign investors, according to a new data.
21 May 2014
Steady Growth In NI Housing Market
Finance Minister Simon Hamilton MLA has welcomed clear evidence of the continuing stability and steady growth in the Northern Ireland housing market.
Steady Growth In NI Housing Market
Finance Minister Simon Hamilton MLA has welcomed clear evidence of the continuing stability and steady growth in the Northern Ireland housing market.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
