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R>A lack of clarity in the planning system and a lack of available land means that development land values in the UK have made little headway this year.
Outside of London prices remained stable, with the 0.3% rise in land values seen in the third quarter of the year, reversing the 0.4% decline in prices which took place over the previous quarter according to Knight Frank's residential development land index.
This modest price growth was largely driven by land values in the West Midlands and Wales where a lack of oven ready sites with planning consent in place has put upward pressure on prices.
Prime central London land prices remained unchanged in the quarter for the second consecutive month. The supply of residential development land is low, with planning issues a key factor.
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