Housing (Amendment) Act, 1950

PART VII.

Acquisition of Small Dwellings.

Definition of market value.

32.—The market value of a house for the purposes of section 1 of the Act of 1899 shall be—

(a) in the case of a house occupied or to be occupied for the first time, the amount which, in the opinion of the local authority, represents the reasonable cost of building the house, including so much, if any, of the legal and other expenses incidental thereto or to the acquisition of the tenement upon which the house is built or to be built, as the local authority may consider proper, but not including any fine, premium or other consideration for the acquisition of the leasehold interest in such tenement.

(b) in any other case, the amount which, in the opinion of the local authority, the house if sold in the open market might reasonably be expected to realise.