Monday, September 29, 2008
UK land prices fall 33% in one year!
Residential development land has dropped by a third in value over the past year. Yorkshire and Humberside have been worst hit by the downturn, with land in all categories now worth about half its value from a year ago. The north-west has also been badly affected, with drops of 41 per cent and 36 per cent for brownfield and greenfield sites. The capital has avoided the full impact, with land prices in inner London falling by just 10 per cent. Outer London areas have fared only marginally worse, with a fall of 15 per cent over the past year. Vulture investors are entering the market to snap up bargains among the numerous forced sales of distressed builders. [Maths note: a 33% fall is the opposite of a 50% rise!]