Value of land for new homes slips back

The average value of land for new homes is still 40 per cent below its peak at the end of 2007, according to a new survey by Knight Frank.

The estate agent said the value of brownfield land in urban areas of England slipped rapidly in the third quarter and registered its first annual decline since late 2009.

The price of English greenfield land was unchanged on the quarter with annual growth slowing to one per cent.

Knight Frank said supply was beginning to outpace demand in some areas, although competition remained strong for the best sites.