Building Land for Sale
In February 2003, the BBC reported that the price of residential land in the United Kingdom had increased by 800% in the last twenty years.
According to a survey by the Halifax, The factors that fuelled this astonishing price increase were a shortage of residential land for sale, combined with a rising demand for new property.
Perhaps of no surprise, the most expensive land for sale was found in South East England and London, while the cheapest land was in Wales and the Northern counties. However, land prices were still found to be rising fast in lagging areas, closing the gap.
Residential building land for sale was found to be an even better investment in the past twenty years than property, with house prices rising just 300% in comparison.
Land supply in the UK looks certain to carry on as house prices continue to rise and available building land becomes fewer.
Land prices per region:
- London : (1983) £0.76m (2002) £5.5m
- East England : (1983) £0.29m (2002) £2.66m
- South East: (1983) £0.27m (2002) £2.5m
- South West: (1983) £0.18m (2002) £1.7m
- West Midlands : (1983) £0.16m (2002) £1.44m
- East Midlands : (1983) £0.12m (2002) £1.26m
- North West : (1983) £0.12m (2002) £1.15m
- North East: (1983) £0.11m (2002) £1.01m
- Wales : (1983) £0.08m (2002) £0.98m
- Yorkshire : (1983) 0.1m (2002) £0.87m
Source: Halifax
