In another encouraging sign for the housing market in the UK, a report released by leading real estate services provider Savills reveals that the residential land development market is returning to normal conditions. The demand for land meant for housing has picked pace with buyers showing interest in purchasing them.
“Urban land values have increased more strongly than values for greenfield land over the last quarter picking up from the slow or negative growth in Q3 2016 following the Brexit vote. This has been led by growth in regional cities including Birmingham, Manchester and Glasgow,” Savills said in its report.
The strongest demand is for ready sites available in residential areas with or in proximity to good infrastructure in the UK. Savills noted that the land buyer demand was buoyant with sufficient land stock available for replenishment. At the same time, land owners of sites for which demand is poor, are setting up joint ventures with developers to increase the capital values of their assets. All these indicate that the demand for quality housing continues to remain strong in the UK.
Strawberry Star is constantly exploring the London residential land market to take up development projects. If you are a land owner in London and looking for a suitable joint venture partner for development, please connect with us by calling our London office.
The development land market has returned to more normal conditions at the end of 2016 recovering from the market caution immediately after the EU referendum.