Land: Valuation
The question
To ask the Secretary of State for Housing, Communities and Local Government, if she will make an assessment of the potential merits of introducing measures to reduce the hope value of land.
Answered by Alex Norris
The government recently brought into force regulations that provide for the removal of ‘hope value’ from the assessment of compensation in compulsory purchase cases, where there is justification in the public interest. Guidance and a fact sheet on the measures was published on 3 October 2024 and can be found here.
We have made clear our intention to further reform the compulsory purchase process and land compensation rules to enable more effective land assembly that will speed-up and lower the costs of the delivery of housing and critical infrastructure in the public interest. The reforms will be subject to consultation which will be published shortly.
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