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Help to Buy drives up land prices in North of England

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  • 18/02/2014
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Help to Buy has been driving up land prices in lower value areas in the North of England and Birmingham, a report from Savills has revealed.

Durham, Leeds and Sheffield have shown signs of an improvement in land prices in quarter four last year, although this was from a low base.

Meanwhile there are renewed signs of life in urban residential markets in Manchester and Birmingam – cities which have remained dormant in housebuilding since 2008.

UK-wide figures from Savills residential land index revealed growth of 6.7% in urban land values last year.

Jim Ward, Savills director of residential research, said: “Improved confidence in the housing market is playing out in the land markets with value growth driven by a stong demand for land.”

Ward said housebuilders are buying up land now on the assumption that sales rates and therefore optimum build rates have bottomed out “in all but the most challenged locations.”

 

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