1. Land auction As the economy begins to slowly recover, the desperate need for more housing can no longer be ignored, but existing communities are reluctant to allow development near their homes. Local Authorities begin to realise their capacity to take the lead. Through a ‘land auction’ system, Local Authorities effectively form a joint-venture and buy a large piece of agricultural or ex-industrial land at near-market price (around £20,000 per hectare) before zoning it for self-provided housing in the local plan. In doing so, they retain the value ‘uplift’ which they create by designating land for housing (increasing its value to something like £2 million per hectare).
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