Leasehold Reform

Part of the debate – in the House of Commons at 12:00 am on 28 February 1966.

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Photo of Mr Leo Abse Mr Leo Abse , Pontypool 12:00, 28 February 1966

I have deliberately selected typical properties, and I have gone to a qualified—[Interruption.] Let the hon. Member for Cardiff, North put the same questions which I have put to a qualified valuer in South Wales—we have many—and he will find that, although there would be marginal differences perhaps between valuers, they are great and wide as between the Tory formula and the Labour formula.

Let me give a final example. I take a small property whose vacant possession value today would be £2,350 with a lease which has 27 years to run and a ground rent of £2 10s. If the Conservative formula were applied, the price of the freehold would be £470. If the Labour Party's formula were applied the price would be £53.