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Land Prices

Land PricesIn the past several years, we have seen the number of people investing in land in the UK growing. Because demand and supply in the UK is so unbalanced, UK land prices can be quite steep, at least for prime land. In fact, the demand for new housing is so great that a number of new projects are being devised and implemented to figure out a way to accommodate this demand. One of these is the Brownfield land movement, which turns old sites where factories once stood being transformed into beautiful, healthy land free of toxins and other pollutants.

 

The price of a hectare of London land - equivalent to two and a half acres - now stands at nearly £5.5m.

In 1983, a hectare cost just £759,000, meaning land prices in the capital have risen by 624%

Today, UK land prices mean that in addition to a shortage on housing that is affordable, land needed to build new homes is squeezing pocketbooks. While UK land prices have gone up throughout the country, the areas of the UK hit the hardest are the southeast, specifically London. Even the north side around Wales, which is more affordable, is seeing the price of land climbing. In other words, some areas of the UK are more affordable than other areas but all areas are becoming more expensive. As you can imagine, for people wanting to own a home, the possibilities are becoming more and more difficult to achieve.

Interestingly, UK land prices for residential use have shown to be a much better investment over the past two decades than property. Then when you consider that the price of houses has risen 306% during that time, you can see the problem. The challenge is that the high cost of land in the UK is expected to keep rising and land shortages are making existing home prices climb even more. People in the UK all agree that something has to change, which is why the government is now crunching to come up with fair and viable solutions.

As you will see from the table below, it is easy to see what a difference 21 years can make when it comes to UK land prices.

-  James M

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