De­mand drives rise in land val­ues

Yorkshire Post - Property - - FRONT PAGE -

THE av­er­age value of res­i­den­tial de­vel­op­ment land in Eng­land and Wales rose by 2.7% over the third quar­ter of the year, ac­cord­ing to Knight Frank.

In prime cen­tral Lon­don they rose by 4.5% in Q3, tak­ing the an­nual in­crease there to 13.9%.

Gráinne Gil­more, head of UK res­i­den­tial re­search, says: “This step up in de­mand co­in­cides with a key phase of the Na­tional Plan­ning Pol­icy Frame­work when many lo­cal au­thor­i­ties are still try­ing to iden­tify sites which will de­liver ad­e­quate lev­els of hous­ing to meet de­mand.

“As a re­sult, house­builders have been very ac­tive in a bid to help plug the sup­ply gaps. This is re­flected in a 30 per cent jump in plan­ning ap­pli­ca­tions for pri­vate dwellings over the sum­mer.”

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