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Does anyone know what's happening or happened with land prices ?

I've found somewhere with a guide price of £275k for 2300 sq ft and if we could get it for £249,999 I would pay for the location I think, is that wildly over priced, how could I find out ?

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Guest Winners and Losers

Does anyone know what's happening or happened with land prices ?

I've found somewhere with a guide price of £275k for 2300 sq ft and if we could get it for £249,999 I would pay for the location I think, is that wildly over priced, how could I find out ?

What about for 250,000? :P:);)

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It depends on the location (not Buckinghamshire by chance?) and permission of course, but that's about 1/19th of an acre, so £275k seems somewhat steep for a relatively modest plot, but we live in a crazy crazy world and costs are often driven up by smaller builders chasing sites.

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Does anyone know what's happening or happened with land prices ?

I've found somewhere with a guide price of £275k for 2300 sq ft and if we could get it for £249,999 I would pay for the location I think, is that wildly over priced, how could I find out ?

You need to look at comparable properties in the same location. Work out a build cost for your 2300 sq. ft. I'm assuming you are referring to the house size for which permission has been granted).

see build cost calculator

If it costs you £70 sq. ft to build, that would be £161k. Add land cost of £250k = £411k

Is £411k good value for a large detached house in the area?

Edited by Smell the Fear

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You need to look at comparable properties in the same location. Work out a build cost for your 2300 sq. ft. I'm assuming you are referring to the house size for which permission has been granted).

see build cost calculator

If it costs you £70 sq. ft to build, that would be £161k. Add land cost of £250k = £411k

Is £411k good value for a large detached house in the area?

No it's appalling, thank you for calculation/link

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Does anyone know what's happening or happened with land prices ?

I've found somewhere with a guide price of £275k for 2300 sq ft and if we could get it for £249,999 I would pay for the location I think, is that wildly over priced, how could I find out ?

Another series of consious decisions leading to disaster?

Trade in a 320k house for 250k. Then buy a plot for 250k & build a house for 150k.

Having spent 400k, you'll now have a place worth 350k.

All when you could have just moved back into your house.

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No it's appalling, thank you for calculation/link

By comparison agricultural land is around £3643 per acre, making an area equivalent to your £275k plot worth around £191.73 :lol: I love the planning system!

Exactly why it's going tits up before long.

Having spent 400k, you'll now have a place worth 350k.

It doesn't matter, property always goes up in value, doesn't it?

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Um, not usually new builds, at least for a few years anyway.

You mean they fall in value? Property doesn't do that, it either goes sideways or upwards... just like the tower of babel!

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Last figures I saw said land - with PP - had increased in value by aroung 800%+ since about 1983 . that was a couple of years ago.

Outside London it works out around £1mil/acre give or take , average figures of course.

D

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Another series of consious decisions leading to disaster?

Trade in a 320k house for 250k. Then buy a plot for 250k & build a house for 150k.

Having spent 400k, you'll now have a place worth 350k.

All when you could have just moved back into your house.

Listen mate you live your life and I'll live mine. I have never judged anyone decissions on here to buy or not to buy because I do not claim to know all the facts and neither do you.

I could have moved back into the house, I could have never left it in the first place but then I could have also been called to identify my husbands body because he was driving 200 miles a day and getting about 3 hours sleep.

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Last figures I saw said land - with PP - had increased in value by aroung 800%+ since about 1983 . that was a couple of years ago.

Indeed, land inflation (with permission) is actually greater than general HPI, that's the real driver behind the increases, as the cost of land makes up a greater proportion of the final value than ever before (>40%). As such we see much smaller buildings at higher densities, suburban in-fill and urban cramming.

It makes the gold bugs look sane, not least because land values are totally driven by artificial scarcity, something that could change rapidly as this government distorts and destroys the current planning system to make way for their airports and new nuclear plants.

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You mean they fall in value? Property doesn't do that, it either goes sideways or upwards... just like the tower of babel!

No, I mean they're inflated at sale & the market takes time to catch up to them. If a person chooses to sell soon after moving into a new-build, they will often lose money - but this is due to the inflated price they paid, not the market.

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Listen mate you live your life and I'll live mine. I have never judged anyone decissions on here to buy or not to buy because I do not claim to know all the facts and neither do you.

I could have moved back into the house, I could have never left it in the first place but then I could have also been called to identify my husbands body because he was driving 200 miles a day and getting about 3 hours sleep.

Far better a lifestyle choice to live on our sleepy peninsula and work for an estate agent when your only real motivation is seeking out your own opportunities and working out how to take advantage of them eh? ;)

Edited by Converted Lurker

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2300 sq ft is the floor area of a moderate 4 bed detached house - it is hardly a plot of land.

Really.

2300ft is a very big house and usually houses have more than one floor so an average 2300ft house would have a foot print of say 1400 sq ft.

Think a little.

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No, I mean they're inflated at sale & the market takes time to catch up to them. If a person chooses to sell soon after moving into a new-build, they will often lose money - but this is due to the inflated price they paid, not the market.

But the prices are determined by the developers that build a good honest product to high standards, and the prices are approved by good old estate agents and honest surveyors that have the customers best interest at heart, anyway, the lenders would never allow people to pay more for something than it's actually worth, non of the above actors would benefit in anyway from increased fees, higher stamp duty and increased mortgage interest!

You're an insidious bear TTRTR, you know full well this applies as much to the wider market as new build, in the latter case it's just slightly more amplified ;)

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Far better a lifestyle choice to live on our sleepy peninsula and work for an estate agent when your only real motivation is seeking out your own opportunities and working out how to take advantage of them eh? ;)

I am going to die of boredom here if I don't get out soon ;) and feel no sympathy for KT he actually loves nothing more than squeezing the vendor for a few extra grand as well as the purchaser.

I wasn't going to mention it but I'm afraid i have sold quite a lot this week :(

Edited by terrified

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I am going to die of boredom here if I don't get out soon ;) and feel no sympathy for KT he actually loves nothing more than squeezing the vendor for a few extra grand as well as the purchaser.

I wasn't going to mention it but I'm afraid i have sold quite a lot this week :(

Not Karl :o Did you know he changed his surname by deed poll? The lad Beetham in L`pool did the same ;)

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Really.

2300ft is a very big house and usually houses have more than one floor so an average 2300ft house would have a foot print of say 1400 sq ft.

Think a little.

If the plot is square it would be about 48' x 48'. Most planning permissions for new builds these days require 2 off road parking spaces which means the property has to be at least 16' from the back of the pavement. This leaves you 48' x 32' to build on. Normally a back garden is part of the equation, admittedly a fairly small part these days. But, let's pretend you want a 20' back garden, probably about the minimum people will put up with. That leaves you 48' x 12' to build on. Less a bit at each boundary, say 3' each side. Now you have 42' x 12' to build on.

As you point out for the benefit of those who have not realised houses often have more than one floor, typically two, a 2300 sq ft house would have a footprint of 1400 sq ft. Say 40' x 35'. This is, as I pointed out, a moderately sized detached house. It is not a very big house, particularly if the garage is integral with the house.

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If the plot is square it would be about 48' x 48'. Most planning permissions for new builds these days require 2 off road parking spaces

Depends what you mean by 'require', under the latest rules if you want more than 1.5 parking spaces then you must explicitly justify it, preferably they like you to provide very little or communal parking, as we see with the various apartments with parking spaces sold as optional extras.

In most cases they just like shared drives and squares piled up with cars as this is a private concern and the up-keep of once public matters is now a private expense.

Edited by BuyingBear

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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