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Value of land for new homes slips back

Thursday, 20 October 2011 11:33 AM

The average value of land for new homes is still 40 per cent below its peak at the end of 2007, according to a new survey by Knight Frank.

The estate agent said the value of brownfield land in urban areas of England slipped rapidly in the third quarter and registered its first annual decline since late 2009.

The price of English greenfield land was unchanged on the quarter with annual growth slowing to one per cent.

Knight Frank said supply was beginning to outpace demand in some areas, although competition remained strong for the best sites.

Demand is still strong in the south of England but the appetite for sites in marginal areas of the north was negligible and some sites were not viable given the state of the housing market.

Grainne Gilmore, head of UK residential research at Knight Frank, said: "The differential between the markets for land in the best locations and land which is poorly situated continues to widen.

"The very best schemes, including prime sites in and around market towns, especially in the south, are still attracting interest and there is stiff competition between bidders. But poorly-located land is now available at heavily reduced prices."

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