Housing land values showed small signs of growth in the first quarter of 2019, with Wales and the west of England continuing to outperform London and the wider South East, according to real estate advisor Savills.
[aoa id=”1″]Greenfield land across Wales and the west of England saw an increase of 0.6% in value in the first quarter of 2019, bringing annual growth to 2.4% in the last year. Urban land values remained at the same level in the first quarter, representing 4.2% annual growth.[/aoa]
These figures compare favourably to UK average growth of 1.3% in greenfield land values and 1.8% in urban land values in the last 12 months.
Analysis by Savills published in its latest residential development land index also shows that the number of sites sold in South Wales, the midlands and north of England and Scotland is in line with – or above – 2018 levels.
Scott Caldwell, Head of Development at Savills in Cardiff, commented on the South Wales market:
“The market for development land across South Wales is robust and outperforming the UK average by a significant proportion. Removal of the Severn Bridge tolls has had a demonstrable impact on house prices and corresponding land values, with demand strong for oven-ready sites, city centre opportunities and deliverable medium sites (c100- 200 units) on the edge of urban centres.
“These figures will undoubtedly reassure landowners that, despite the backdrop of continuing economic uncertainty, in fact, the opportunity to bring land forward in South Wales is good.”