Across the Northwest/West Mids/North Wales region we have seen a general slowing in the value of residential development land over the last 12 months as more sites come to the market and house builders satisfy their short term land bank requirements. There will always be exceptions to the general rule and hotspots still exist where demand remains high. Outside of these areas, purchasers can afford to be picky and are likely to be setting the price and the terms if a deal is to be done in the short term. As well as location, the size and complexity of a site will define the type and level of market attracted to it.
With many deals being agreed on a conditional basis with significant issues to be resolved, landowners should be careful to protect their position should these points become contentious. If particular matters of an outline planning permission are not finalised with the Local Authority within specific timescales the consents can be lost. An issue if control has been passed to a third party under contract.
As well as acting on sales, we have also been involved with a number of landowners who have been approached by developers wishing to secure specific rights to service newly consented projects. These might include elements such as access and visibility splays or easements for water, electricity or drainage. In each case there may well be scope to secure a premium over standard utility type sums offered in order to get the rights secured swiftly and without enduring the lengthy formal processes.
Also, where development land or proposed uses are hindered or blighted by third party rights (neighbours, restrictive covenants, utilities etc) we can investigate the removal or relocation of such rights, or the possibility of compensation in order the mitigate their commercial impact.