Increasing land values and competition for ‘high value’ areas of the Midlands signal opportunities for landowners, as Julie Carr, Head of Real Estate Development at Brady Solicitors explains.
The latest Savills UK Residential Land Report highlights the growing importance of the Midlands in the residential development sector. It cites increasing competition for land in the higher values areas of the Midlands, as housebuilders increasingly seek alternatives to South East development work.
The Savills report states that regional cities are seeing strong growth in land prices, with build to rent (PRS), driving much of this. Additionally, the report explains that housing associations are increasingly active and continuing to buy more land across the country.
These rising land values and the competition for strategic sites equates to good news for landowners willing to consider selling part or all of their land for development.
Competition at the land acquisition stage can however lead to developers being less willing to negotiate on other aspects such as overage – namely the additional value you as a landowner might secure once the land is developed and the units sold.
At Brady Solicitors we take a sensible and proactive approach to negotiations on behalf of our landowner clients to ensure all parties are comfortable and able to move forward swiftly and successfully with the deal.
We can ensure your overage and promotion agreements are drafted for clarity, with worked examples that demonstrate that the agreement fulfils the parties’ agreed terms and intentions in order to avoid future challenges.
Talk to Brady Solicitors for help with maximising the value of your strategic land.
Read the Savills report here: