Marriage value and scarcity in agricultural rents: a discussion of the findings in Childers v Ankers
Gibbard, R., (1995) Marriage value and scarcity in agricultural rents: a discussion of the findings in Childers v Ankers. Working Papers in Land Management & Development. 36/95. Working Paper. University of Reading, Reading. pp19.
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Formal statutory guidance to arbitrators involved in settling disputes over rents for agricultural holdings is contained in the Agricultural Holdings Act 1986. The particular features of the agricultural letting market raise valuation problems which the Act itself has failed to satisfactorily address, most notably the degree to which marriage value and scarcity should be taken into account. The 1995 Court of Appeal case of Childers v Anker addresses several of the key issues. This paper seeks to explore the findings and practical implications of the case for rental valuers and arbitrators. It argues that sitting tenants may be seriously disadvantaged by the court's judgements, not least by having to pay rents on review which reflect elements of marriage value and possibly scarcity value.