Development demand heralds better times, says Savills
Soaring demand for development land across the Midlands is a sign of "better times ahead". That’s according to property professionals at Savills in Birmingham, which has sold more than £41m of residential development land in 2010.
The property agent has put more than another £4m of land under offer and is marketing a further collection of sites priced at £36.8m.
Simon Horan, development director with Savills Birmingham, said the portfolio is proof of the “growing demand” for properties across the reigon.
He said: “It also tells a new, encouraging story after 18 months of sterility, starting in 2008 when the market for land was non-existent or moribund. There was no movement for most of 2009 until suddenly the market began to revive in the third quarter.”
The development land sold by Savills this year is spread across the wider Midlands to include landmark sites in Coventry, prime infill areas of the Birmingham suburbs and redevelopment sites in Leicester, the Black Country and Leamington Spa.
The biggest deal of the year, announced in October, was the sale of the Browns Lane Jaguar site in Coventry to Taylor Wimpey for more than £8m.
