On any reference made in pursuance of a statutory review notice, the arbitrator shall determine the rent properly payable in respect of the holding at the review date and accordingly shall, with effect from that date, increase or reduce the rent previously payable or direct that it shall continue unchanged.
For the purposes of subsection (1) above, the rent properly payable in respect of a holding is the rent at which the holding might reasonably be expected to be let on the open market by a willing landlord to a willing tenant, taking into account (subject to subsections (3) and (4) below) all relevant factors, including (in every case) the terms of the tenancy (including those which are relevant for the purposes of section 10(4) to (6) of this Act, but not those which (apart from this section) preclude a reduction in the rent during the tenancy).
The arbitrator shall disregard any increase in the rental value of the holding which is due to tenant’s improvements other than—
The arbitrator—
In this section “tenant’s improvement”, and references to the provision of such an improvement, have the meaning given by section 15 of this Act.