Concrete tool users might be interested to know that research conducted by estate agent Knight Frank has revealed a rise in the price of residential land.
The value of potential building space is increasing at the fastest rate for five years, 11.5 per cent in the 12 months leading up to the end of March.
Most of the demand for land came from housebuilders and residential developers who together accounted for 44 per cent of all purchasers.
Greenfield growth has seen the largest increase at 6.6 per cent with most of the focus on the West Midlands.
Brownfield growth was accelerating at 2.4 per cent with the cost of urban sites rising to the greatest extent in London.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said increases in the asking price for land may hinder developers.
"For them, in this environment, it is still quite a challenge to actually develop that land profitably, he said."
Posted by Ryan Gilbert.
