Residential building land figures

Contents

Residential building land by government office region

Typical values of land for residential development for:

- North East

- North West

- Merseyside

- Yorkshire and the Humber

- East Midlands

- West Midlands

- East of England

- Inner London

- Outer London

- South East

- South West

- Wales

- Scotland

Residential building land index

 

Residential Building Land by Government Office Region

The tables and graphs below show the average value by region of three categories of site as at 1 July 2006. These values should be regarded as illustrative rather than definitive. The Inner London average values exclude the central area i.e Westminster, Kensington and Chelsea and bulk land in Camden.

The methodology behind the construction of this table is included at the end of the report.

Government Office Regions are defined in Appendix 1

Value of land for residential development as at 1 July 2006

REGION

Small Sites

Bulk Land

Sites for flats or maisonettes

£s per ha

£s per ha

£s per ha
North East 2,710,000 2,490,000 2,970,000
North West 2,880,000 2,810,000 3,200,000
Merseyside 1,250,000 1,220,000 1,340,000
Yorkshire and the Humber 2,800,000 2,420,000 2,910,000
East Midlands 2,300,000 2,080,000 2,310,000
West Midlands 2,350,000 2,200,000 2,470,000
Eastern 3,510,000 3,850,000 4,430,000
South East 3,510,000 3,320,000 4,080,000
South West 2,850,000 2,500,000 3,300,000
Wales 2,460,000 2,380,000 2,590,000
England & Wales (excluding London) 2,870,000 2,700,000 3,220,000
Inner London 10,160,000 8,450,000 11,880,000
Outer London 6,650,000 6,250,000 7,830,000
Scotland 1,670,000 1,910,000 3,120,000
Northern Ireland 2,653,000 2,283,000 2,778,000

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Comparative values by region - small sites

Value as at 1 July 2006 in £s per hectare
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Comparative values by region - bulk land

Comparative values by region - bulk land

Value as at 1 July 2006 in £s per hectare

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Comparative values by region - sites for flats or maisonettes

Comparative values by region - sites for flats or maisonettes

Value as at 1 July 2006 in £s per hectare

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Typical values of land for residential development as at 1 July 2006

The values should be regarded as illustrative rather then definitive and represent typical levels of value for sites with no abnormal site constraints and a residential planning permission of a type generally found within the area.

 

NORTH EAST

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Newcastle (Heaton) 3,500,000 3,000,000 4,000,000
Alnwick 2,750,000 2,500,000 2,750,000
Sunderland 2,250,000 2,100,000 2,250,000
Middlesbrough 1,850,000 1,850,000 1,850,000
Durham 3,200,000 3,000,000 4,000,000

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NORTH WEST

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Bolton 2,225,000 2,225,000 2,225,000
Manchester 5,750,000 5,750,000 5,750,000
Rochdale 1,850,000 1,850,000 2,300,000
Trafford (Altrincham) 3,700,000 3,700,000 3,700,000
Stockport 5,450,000 5,450,000 5,450,000
Blackburn 1,500,000 1,250,000 1,250,000
Lancaster 2,600,000 2,400,000 **
Preston 2,400,000 2,200,000 2,200,000
Chester 3,500,000 3,000,000 5,000,000
Crewe/Nantwich 1,925,000 2,100,000 2,000,000
Warrington (South Warrington) 3,250,000 3,250,000 3,250,000
Wigan 2,100,000 2,100,000 2,100,000
Carlisle 2,000,000 2,000,000 **
South Lakeland (Ambleside) 2,000,000 2,000,000 **

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MERSEYSIDE

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Liverpool ( suburbs) 1,900,000 2,000,000 2,000,000
Knowsley ( Prescot/Huyton) 1,100,000 900,000 675,000
Sefton ( Bootle suburbs) 750,000 750,000 **

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** no evidence to indicate a separate market for this category of land.

YORKSHIRE AND THE HUMBER

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Harrogate 4,000,000 3,500,000 4,000,000
York 4,000,000 3,500,000 4,000,000
Bradford 2,000,000 2,000,000 2,000,000
Halifax 1,500,000 1,350,000 1,500,000
Leeds 4,000,000 3,500,000 4,000,000
Doncaster 2,200,000 1,900,000 2,200,000
Grimsby 1,750,000 1,250,000 2,000,000
Beverley 2,750,000 2,250,000 3,250,000
Sheffield 3,000,000 2,500,000 3,250,000

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EAST MIDLAND

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Lincoln 2,200,000 2,000,000 2,100,000
Mansfield 1,200,000 1,100,000 1,100,000
Nottingham (suburbs) 2,750,000 2,500,000 3,000,000
Derby 2,300,000 2,000,000 2,500,000
Leicester 2,600,000 2,300,000 2,500,000
Northampton 2,470,000 2,250,000 2,470,000
Loughborough 2,600,000 2,400,000 2,500,000

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WEST MIDLAND

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Birmingham 2,200,000 2,200,000 2,200,000
Coventry 2,150,000 2,000,000 2,000,000
Sandwell 2,200,000 2,000,000 2,000,000
Wolverhampton 1,850,000 1,850,000 2,800,000
Lichfield 2,000,000 2,000,000 2,650,000
Shrewsbury 2,500,000 2,400,000 2,400,000
Stoke-on-Trent ( the market is composed of mainly brownfield sites) 1,400,000 1,300,000 1,650,000
Warwick 3,400,000 3,100,000 3,000,000
Worcester 3,200,000 2,500,000 3,400,000
Kidderminster 2,600,000 2,650,000 2,600,000

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EAST OF ENGLAND

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Cambridge 5,600,000 7,600,000 9,000,000
South Cambridge 3,100,000 3,100,000 3,100,000
Peterborough 2,200,000 2,500,000 3,000,000
Ipswich 3,050,000 2,850,000 2,650,000
Norwich 3,700,000 3,900,000 4,000,000
Luton* 2,250,000 2,250,000 1,500,000
Stevenage 2,400,000 2,250,000 2,400,000
St Albans 5,500,000 6,250,000 10,000,000
Chelmsford 4,450,000 4,450,000 6,790,000
Colchester 3,650,000 3,300,000 3,500,000
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* all bulk greenfield sites are now fully developed in this locality, the bulk land value is an indicative value for previously developed sites.

Historically the regional average for East of England adopted an average value for Cambridge and South Cambridge and this has been maintained although values for both locations are shown in this table.

LONDON INNER

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Tower Hamlets (E2-E3) 7,400,000 7,400,000 8,650,000
Camden 15,750,000 11,000,000 18,375,000
Hackney 8,650,000 7,400,000 9,875,000
Lewisham 6,000,000 5,500,000 7,500,000
Southwark (SE15) 13,000,000 13,500,000 15,000,000

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LONDON OUTER

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Romford 6,250,000 5,500,000 6,500,000
Redbridge 6,125,000 5,125,000 6,500,000
Barnet 7,600,000 6,530,000 9,000,000
Ealing ( Hanwell ) 8,500,000 8,100,000 10,250,000
Ruislip 6,250,000 6,250,000 7,850,000
Greenwich - Bexley 6,000,000 5,500,000 7,500,000
Sutton 6,000,000 6,500,000 7,000,000
Wimbledon 6,500,000 6,500,000 8,000,000

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SOUTH EAST

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Brighton 3,500,000 3,200,000 7,000,000
Eastbourne 2,250,000 2,000,000 2,850,000
Folkestone 2,200,000 2,000,000 2,200,000
Medway Towns (Rochester) 2,650,000 2,450,000 2,450,000
Tunbridge Wells 2,950,000 2,950,000 3,250,000
Guildford 5,500,000 5,250,000 5,600,000
Reigate 5,050,000 4,900,000 5,300,000
Worthing 3,000,000 2,500,000 3,500,000
Aylesbury 3,600,000 3,500,000 5,250,000
Oxford 8,000,000 8,000,000 8,000,000
Wokingham 3,650,000 3,400,000 5,000,000
Basingstoke 3,300,000 3,200,000 3,200,000
Portsmouth 2,375,000 2,275,000 2,800,000
Southampton 3,150,000 2,850,000 3,350,000
Ryde, Isle of Wight 1,450,000 1,250,000 1,450,000

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SOUTH WEST

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Bournemouth 3,200,000 2,750,000 5,000,000
Weymouth 2,450,000 2,250,000 2,750,000
Exeter 3,250,000 2,800,000 3,400,000
Barnstaple 1,850,000 1,700,000 1,900,000
Plymouth 2,100,000 2,000,000 2,300,000
Truro 2,500,000 2,200,000 3,000,000
Taunton 2,500,000 2,400,000 3,250,000
Bath 4,000,000 3,000,000 4,250,000
Bristol 3,500,000 3,000,000 3,750,000
Gloucester 3,250,000 2,800,000 3,650,000
Swindon 2,750,000 2,600,000 3,000,000

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WALES

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Cardiff 4,900,000 4,900,000 5,000,000
Carmarthen 1,150,000 1,200,000 1,200,000
Merthyr Tydfil 1,300,000 1,200,000 1,250,000
Bridgend 2,750,000 2,750,000 2,500,000
Swansea 2,400,000 2,400,000 3,250,000
Llandudno 1,900,000 1,700,000 2,000,000
Newport 3,250,000 3,250,000 3,000,000
Wrexham 2,000,000 1,600,000 2,500,000

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SCOTLAND

 

REGION

Small Sites
(sites for less than five houses)
Bulk Land
(sites in excess of two hectares)
Sites for flats or
maisonettes
£s per hectare
£s per hectare
£s per hectare
Glasgow, Bearsden/Milngavie 2,750,000 3,500,000 5,600,000
Ayr 1,250,000 2,000,000 2,500,000
Dumfries 500,000 350,000 650,000
Dunfermline 1,650,000 1,325,000 1,650,000
Glasgow 1,300,000 2,650,000 5,300,000
Aberdeen 2,750,000 2,500,000 3,575,000
Inverness 980,000 750,000 1,200,000
Edinburgh 3,500,000 3,750,000 7,500,000
Motherwell 1,100,000 1,700,000 2,100,000
Dundee 950,000 600,000 1,100,000
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Residential building land index

Based on the regional averages for bulk land published in the twice yearly reports since Autumn 1983 and Autumn 1994 in Scotland. See the methodology section for the methodology and assumptions made when preparing the valuations.

A feature of the residential land market is the 'lumpiness' of changes in value. Although the index is based on six monthly figures it is difficult to establish exactly when significant movements in value occurred and an average over a longer period may provide a more realistic assessment of the market. This is particularly the case for the years 2002 to the current day, a period over which there have been significant changes in more northern counties.

 

England and Wales excluding London

Inner and Outer London

South East
Date
£s per
hectare
Index
% change
£s per
hectare
Index
% change
£s per
hectare
Index
% change
Spr 88 624,000 358.6 33.3 3,011,000 396.7 -12.4 1,398,000 508.4 50.0
Aut 88 929,000 533.9 48.9 3,370,000 444.0 11.9 1,704,000 619.6 21.9
Spr 89 943,000 542.0 1.5 3,364,000 443.2 -0.2 1,780,000 647.3 4.5
Aut 89 837,000 481.0 -11.2 2,991,500 394.1 -11.1 1,306,000 474.9 -26.6
Spr 90 706,000 405.7 -15.7 2,559,000 337.2 -14.5 1,007,000 366.2 -22.9
Aut 90 621,000 356.9 -12.0 2,329,000 306.9 -9.0 902,000 328.0 -10.4
Spr 91 529,000 304.0 -14.8 2,089,000 275.2 -10.3 737,000 268.0 -18.3
Aut 91 504,000 289.7 -4.7 1,939,000 255.5 -7.2 704,000 256.0 -4.5
Spr 92 483,000 277.6 -4.2 1,669,000 219.9 -13.9 674,000 245.1 -4.3
Aut 92 460,000 264.4 -4.8 1,490,500 196.4 -10.7 615,000 223.6 -8.8
Spr 93 438,000 251.7 -4.8 1,337,000 176.2 -10.3 588,000 213.8 -4.4
Aut 93 450,000 258.6 2.7 1,455,000 191.7 8.8 603,000 219.3 2.6
Spr 94 495,000 284.5 10.0 1,505,000 198.3 3.4 706,000 256.7 17.1
Aut 94 540,000 310.3 9.1 1,625,000 214.1 8.0 761,000 276.7 7.8
Spr 95 560,000 321.8 3.7 1,685,000 222.0 3.7 799,000 290.5 5.0
Aut 95 589,000 338.5 5.2 1,712,000 225.6 1.6 798,000 290.2 -0.1
Spr 96 594,000 341.4 0.8 1,717,000 226.2 0.3 797,000 289.8 -0.1
Aut 96 611,000 351.1 2.9 1,827,000 240.7 6.4 817,000 297.1 2.5
Spr 97 663,000 381.0 8.5 1,925,000 253.6 5.4 950,000 345.5 16.3
Aut 97 721,000 414.4 8.7 2,071,500 272.9 7.6 1,140,000 414.5 20.0
Spr 98 790,000 454.0 9.6 2,143,500 282.4 3.5 1,220,000 443.6 7.0
Aut 98 830,000 477.0 5.1 2,205,000 290.5 2.9 1,340,000 487.3 9.8
Spr 99 860,000 494.3 3.6 2,360,000 310.9 7.0 1,370,000 498.2 2.2
Aut 99 950,000 546.0 10.5 2,528,500 333.1 7.1 1,660,000 603.6 21.2
Spr 00 1,080,000 620.7 13.7 2,770,000 365.0 9.6 1,910,000 694.5 15.1
Aut 00 1,150,000 660.9 6.5 3,345,000 440.7 20.8 1,980,000 720.0 3.7
Spr 01 1,250,000 718.4 8.7 3,965,000 522.4 18.5 2,180,000 792.7 10.1
Aut 01 1,310,000 752.9 4.8 4,223,500 556.5 6.5 2,280,000 829.1 4.6
Spr 02 1,400,000 804.6 6.9 4,907,000 646.5 16.2 2,360,000 858.2 3.5
Aut 02 1,580,000 908.0 12.9 5,493,000 723.7 11.9 2,490,000 905.5 5.5
Spr 03 1,750,000 1005.7 10.8 6,000,000 790.5 9.2 2,670,000 970.9 7.2
Aut 03 1,910,000 1097.7 9.1 6,143,000 809.4 2.4 2,760,000 1003.6 3.4
Jan 04 2,030,000 1166.7 6.3 6,262,500 825.1 1.9 2,770,000 1007.3 0.4
July 04 2,290,000 1316.1 12.8 6,680,000 880.1 6.7 2,880,000 1047.3 4.0
Jan 05 2,460,000 1413.8 7.4 6,895,000 908.4 3.2 2,960,000 1076.4 2.8
July 05
2,520,000 1448.3 2.4 7,020,000 924.9 1.8 3,020,000 1098.2 2.0
Jan 06 2,600,000 1494.3 3.2 7,265,000 957.2 3.5 3,240,000 1178.27

7.3
July 06 2,700,000 1551.7 3.8 7,350,000 968.4 1.2 3,320,000 1207.27 2.5
From Autumn 1988 the Inner and Outer London average value excludes Westminster, Kensingon and Chelsea and Camden

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North East
North West and Merseyside
Yorkshire and the Humber
Date
£s per
hectare
Index
% change
£s per
hectare
Index
% change
£s per
hectare
Index
% change
Spr 88 224,000 207.4 10.3 269,000 211.8 27.5 235,000 217.6 24.3
Aut 88 237,000 219.4 5.8 354,000 278.7 31.6 431,000 399.1 83.4
Spr 89 358,000 331.5 51.1 550,000 433.1 55.4 577,000 534.3 33.9
Aut 89 437,000 404.6 22.1 623,000 490.6 13.3 607,000 562.0 5.2
Spr 90 466,000 431.5 6.6 620,000 488.2 -0.5 636,000 588.9 4.8
Aut 90 535,000 495.4 14.8 582,000 458.3 -6.1 587,000 543.5 -7.7
Spr 91 520,000 481.5 -2.8 516,000 406.3 -11.3 540,000 500.0 -8.0
Aut 91 486,000 450.0 -6.5 492,000 387.4 -4.7 537,000 497.2 -0.6
Spr 92 485,000 449.1 -0.2 477,000 375.6 -3.0 514,000 475.9 -4.3
Aut 92 509,000 471.3 4.9 471,000 370.9 -1.3 465,000 430.6 -9.5
Spr 93 492,000 455.6 -3.3 445,000 350.4 -5.5 421,000 389.8 -9.5
Aut 93 488,000 451.9 -0.8 451,000 355.1 1.3 433,000 400.9 2.9
Spr 94 504,000 466.7 3.3 472,000 371.7 4.7 441,000 408.3 1.8
Aut 94 514,000 475.9 2.0 481,000 378.7 1.9 538,000 498.1 22.0
Spr 95 524,000 485.2 1.9 473,000 372.4 -1.7 564,000 522.2 4.8
Aut 95 524,000 485.2 0.0 501,000 394.5 5.9 541,000 500.9 -4.1
Spr 96 524,000 485.2 0.0 487,000 383.5 -2.8 521,000 482.4 -3.7
Aut 96 524,000 485.2 0.0 502,000 395.3 3.1 538,000 498.1 3.3
Spr 97 520,000 481.5 -0.8 509,000 400.8 1.4 564,000 522.2 4.8
Aut 97 520,000 481.5 0.0 548,000 431.5 7.7<