Hope value is not an uncommon word in planning circles. It is an inflation of the price of property to reflect that an increase in the value of that property might be gained with, or without, the planning system.
I’ve just read of a small single storey garage which sold yesterday for £208,000 in Tooting Bec.
The auction particulars note that “It is considered that the garage, with a very approximate frontage of 3.26m (10’7”) to Streathbourne Road and previously used as both a single garage and for materials storage, may be suitable for redevelopment/change of use subject to planning.”
A pied a terre in the Big Smoke anyone?