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Im sure thats considered too but it could be more true that it boils down to value.
Maybe I have a chip on my shoulder at the mo but when I reported my bike stolen they asked the value, I said new 500 not sure now. I saw a headline next day and a wyp tweet or something about £10k of stuff stolen from a van. The police called me in 2 days saying my case is filed unless I get cctv lol.
Of course my bike wont make the papers but it shows that low value theft isnt worth thier time.
Do you have a source for that? I don't really know how to read the sentencing rules but if this is the relevant document then only value seems important? https://www.sentencingcouncil.org.uk/offences/magistrates-court/item/theft-general/