Land values are still going up - despite property asking prices across the South West falling after a frenzied period. Earlier this week, Rightmove revealed that, in August, the average asking price in the region was £389,064 - a fall of 0.6 per cent compared to July.
However, land values across the Western region are still increasing according to Savills. The property advisor described the land market as "cautiously positive as demand continues to significantly outstrip supply maintaining growth in regional land values".
Savills said that, in the second quarter of 2022, greenfield land values in the west increased by 2.2 per cent and urban land remained stable. This brings annual growth to 12.4 per cent and 6 per cent respectively, it continued, adding that greenfield land has seen the greatest gains, the highest since 2010.
