01.10.2008 - UK: Residential development land value falls by a third
From Property Week: Urban development land outside London has fallen by 33% over the past year and by 15% in the past quarter, according to Knight Frank’s new residential development land index. Greenfield sites have fared slightly better, with falls of 30% over the past year and 13% over the past three months. Yorkshire and Humberside have been hardest hit, with land in worth around half last year’s value. The North-West is close behind, with drops of 41% and 36% reported for brownfield and greenfield sites respectively. Only well-located ‘oven-ready’ plots with planning permission continue to attract interest, but because these remain scarce, any offers are likely to include deferred terms and options..... Full Article: Source
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