In prime central London, development land values are up by 18.9% on an annual basis, compared to 15.9% in Q1.
Residential development land prices in England and Wales rose by 1% in Q2 2014, with greenfield land values 5.6% higher on an annual basis.
Prime central London development land values are up 18.9% year on year. The biggest growth in land values has been seen in prime central London, where urban development sites climbed by an average of 6.7% in Q2.
Brownfield sites outside PCL in Greater London have seen the next biggest rise in values, climbing by an average of 14.2% year-on-year. Yet it is not just a case of a north-south divide in land price movements.
While greenfield site values in the South East have risen around 3% on the year, those in the North West are up by 6%.
Grainne Gilmore, Knight Frank’s Head of UK Residential Research comments:
“It is not just a case of a north-south divide in land price movements. While greenfield site values in the South East have risen around 3% on the year, those in the North West are up 6%.”
