§ Mr. Michael Lathamasked the Secretary of State for the Environment what proportion the 1,467 land transactions in England and Wales published by him on 3rd April represents of total land transactions in the year; and whether he is satisfied that they represent a sufficiently representative and up-to-date sample to draw general conclusions about land price movements.
§ Mr. John SilkinThe transactions analysed are sites sold in the private sector with planning permission for four or more dwellings. Over a period of several years, it is estimated that the regular analysis has included 35 to 40 per cent. of all private housing land transactions reported to Inland Revenue. Nearly all excluded transactions are the small sites, so that over 75 per cent. of the area and 211W over 80 per cent. of dwelling plots sold have been covered. Therefore, this source is adequately representative of housing land.
Transactions are usually reported about six weeks after completion of sales and the lag between prices being agreed and sales being completed is thought to average about three months.
§ Mr. Michael Lathamasked the Secretary of State for the Environment (1) what is the basis of his calculation that the present-day market value for building land for new development is £20,000 per acre over Great Britain on average; on how many transactions this calculation was based; and what was the particular period of time on which the calculation was based;
(2) what is the basis of his calculation that the present-day current use of value for land for new development is £1,000 per acre over Great Britain on average; on how many transactions this calculation was based; and what was the particular period of time on which the calculation was based.
§ Mr. John SilkinA broad assessment of recent average values for all types of land over the country as a whole.
§ Mr. Michael Lathamasked the Secretary of State for the Environment whether his projected figure of land acquisition costs by local authorities in England and Scotland of £300 to £400 million per annum assumes a basis of market value net of 80 per cent., development land tax, or of current use value only under the proposed arrangements after the second appointed day.
§ Mr. John SilkinAs the Financial Memorandum to the Community Land Bill says, its estimates reflect the situation when the community land scheme is in full operation—that is, after the second appointed day, when the basis on which public authorities acquire land will be current use value.