 The great majority of properties are valued by reference to rents.Where open market rental evidence exists for the subject property or similar properties, and that evidence conforms to the statutory definition of rateable value, or can be made to do so without such substantial adjustments that its reliability is affected, a valuation based upon such evidence will always be the preferred method.In the absence of rental evidence, recourse may be had to trading receipts and expenditure as an indication of the rent which the occupier might reasonably be expected to pay if he were to rent the property.