Demand drives rise in land values
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.”