Notable rise in land value since the General Election
The UK is seeing a notable rise in land value since the result of the election according to Saffron Building Society.
The latest survey from the Royal Institute of Chartered Surveyors has shown a 17% increase in new buyer enquiries.
In the last quarter of 2019, property enquiries and completions reduced in the lead up to the election which reportedly created uncertainty with property developers.
Saffron Building Society are predicting an upturn in property development finance enquiries in the first quarter of 2020 as the uncertainty dissipates and developers progress with planned projects.
Peter Owen, head of property development at The Saffron, said: “We have started to notice the upturn at Saffron Building Society.
“Our partners have told us that developers are starting to feel more confidence, which over the coming weeks and months will hopefully lead to an increase in lending applications, as buyers take advantage of the improving conditions.”
The strongest growth has been the East Midlands and East of England where two of the major house builders, Barratt Homes and Bellway, have both recently opened new offices.
Owen continues: “Property developers will find it crucial to partner with a lender that is not only experienced in the field, but can educate, guide and provide support in all areas of the build as required.
“Having worked in this field for many years, at times guiding lenders through the process, I have first-hand experience in the peaks and troughs of the process.
“The lender doesn’t just lend you money, they lend you their invaluable years of experience too.
“I highly recommend reading the guide before applying for funding too as it walks you through the entire process.”