Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Market Value definition

What does Market Value mean? Market value describes the price most likely to be achieved for an asset or liability on the valuation date in a sale between a willing buyer and a willing seller, dealing at arm’s length, after proper marketing, with both parties acting knowledgeably, prudently and without compulsion. This formulation is the benchmark used in professional valuation practice (RICS Valuation – Global Standards (Red Book) and International Valuation Standards) and is widely applied by UK and Irish courts and tribunals. It is used in real estate and asset valuations, corporate transactions, lending and security, financial reporting, insolvency, tax valuation (including...

Statutory blight and blight notices: Schedule 13 triggers, qualifying interests, marketing, procedure, counter-notices, Upper Tribunal references and compensation (England and Wales)

Published by a LexisNexis Planning expert

Practice notes

What is statutory blight?

Statutory blight arises where the worth of a property is diminished due to proposed development or public works, leaving owners unable to achieve full market value because the property is expected to be required for, or affected by, public purposes, meaning a sale may have to proceed at a significantly reduced price. Under the Town and Country Planning Act 1990 (TCPA 1990), an individual with a ‘qualifying interest’ who has taken reasonable endeavours to sell may be entitled to serve a ‘blight notice’ on the authority responsible for the scheme, compelling them to purchase the property at market value.

When does statutory blight apply?

The reach of the statutory blight regime—both the land that can be treated as blighted and the point at which blight arises—is prescribed by TCPA 1990, Schedule 13. Schedule 13 lists several triggers for statutory blight, including where land:

is identified in a development plan document (England) or in a local development plan or strategic development plan (Wales) for the purposes of relevant public functions
is identified in a neighbourhood development plan (England) for the purposes of relevant public

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Web page updated on 21/05/2026

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