Section 56(1) of the Just Terms Act defines market value for interests in land as well as for freehold, so where a leasehold interest is acquired, the market value to be assessed is that of the leasehold interest, not the freehold. However, where no comparable sales of the specific interest exist, it is an acceptable valuation technique to extrapolate from sales of different interests (such as freehold). The question whether market value under s 55(a) constitutes a minimum floor for compensation — such that betterment under s 55(f) cannot reduce compensation below market value — was raised but not decided by the majority, and remains open for determination in a case where it is properly raised at first instance. Planning changes that depend on discretionary decisions by other authorities are not necessarily attributable to the public purpose for which land was acquired under s 55(f), even where the public purpose was a contributing factor to those changes.
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