Residential land sales in region up says Jones Lang LaSalle
THE growth in residential land acquisitions in the North West more than doubled in the first half of this year compared with the same period in 2011, according to property consultant Jones Lang LaSalle.
The firm’s North West team recorded 28 land deals between January and June 2012, compared with 13 in the same period last year, demonstrating resilience in the regional house building sector despite wider economic woes.
Sites acquired stretch from Clitheroe to Wrexham and total 170 acres, with the capacity for 2,500 units to be developed.
Kieran McLaughlin, director at Jones Lang LaSalle, said: “The first half of the year has been extremely active, which is a clear sign of increased confidence in the sector. It’s unsurprising that the bulk of the larger deals have been undertaken by the volume plc house builders but we are seeing privately owned regional developers becoming increasingly active.
“In terms of values, sites in affluent areas are commanding up to £1,000,000 per acre but land values begin to tail off significantly for secondary locations.
“A number of the large PLC house builders are reporting strong financial results, however there is unlikely to be any meaningful improvement in house prices and levels of market activity due to instability in the financial sector,” he added.
