Residential development land recovery is patchy in UK | Europe | News
Residential development land values are continuing to recover in the UK, but growth is slow and faltering, favouring southern regions over northern, a new report reveals.
Detailed locational analysis by property adviser Savills shows that hotspots in the North that have more in common with the South than their own regional average.
Average land value growth across all regions is being driven almost exclusively by activity in high value towns, with demand focused on readily developable land, the report says. This is leading to deep divisions between the local market leaders and laggers, and the variations in levels of price recovery are far more pronounced than in the underlying residential sales markets.
At the extreme, greenfield land values in Oxford are now just -5% from peak compared to Bradford where values are still -69% below peak, according to the latest Savills research quarterly development land index.
Annual land value growth across the UK stood at 5.4% for greenfield land and 1.8% for urban land by the end of June 2011, leaving values at -45% and -52% below peak respectively.
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