Strong housing market is giving land buyers confidence
The Savills Midlands development team advised on approximately £250 million of land sales across the West and East Midlands during 2021.
To deliver on over 5,000 plots for a fourth year in a row, in light of the challenges faced, is testament to the team’s capabilities.
The strength of the housing market year-on-year year has given land buyers more confidence. House prices across the board grew by 12.3 per cent in the past 18 months. Strong house price growth continues to be forecast across the Midlands for the next five years which has certainly helped sentiment in the region.
Over the course of 2021 in the West Midlands, some of the major deals included 1,100 units to Miller Homes at as part of a major urban extension to Telford.
Although competition for land is likely to remain strong in 2022 values in the regions may be tempered because of uncertainty around build costs and additional environmental requirements.
Andrew Galloway, development director at Savills in the Midlands
