Member

However, the Land Compensation Act 1961 applies only to the assessment of compensation where land is purchased through use of compulsory purchase powers. The power to remove hope value under the Act therefore cannot be applied to the assessment of the market value of any land acquired through voluntary negotiations, including ACVs. We need to strike the right balance between giving communities strong powers to safeguard their valued local assets and protecting the property rights of asset owners. The benefits to the public as a whole of removing hope value in the valuation of individual assets would not be significant enough to justify the interference in the rights of asset owners. That said, we have sought to protect communities from inflated prices as much as possible through the community right-to-buy process.