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welcome to

cooPer and tanner ProPerty and auction news

distributed at these suPermarkets

contents Welcome

2

Sale Rooms

3

Frome

4

Land and Property Auctions

6

Castle Cary

7

Farms and Land

8

Equestrian

9

Street

10

Cheddar

11

Wells

12

Commercial

13

Livestock & Outside Sales

14

Rural Finance and Surveys & Valuations

15

Country Property

16

Bridgwater

18

Wedmore

19

Warminster

20

Shepton Mallet

22

Residential Lettings

23

Bungalows

28

Development

30

Building Plots and Renovations

31

New Homes

32

Glastonbury

33

Feefo

34

Events & News

35

Acquire Magazine

36

BIggER aND BETTER! This paper now up to

36 pages!

To include your property in the next edition, call your local Cooper and Tanner Office

residential land market uPdate nick oliVer mrics I qualified as a Chartered Surveyor following studying at R.A.C. Cirencester and began my working life at Hall Wateridge & Owen, Shropshire in 1987. I joined Cooper and Tanner at Glastonbury and became a Partner in 1990. I am currently the Managing Partner of the firm.

Welcome to the latest edition of our Property and Auction News. We are living in unusual times, in particular the uncertainty around Brexit has had both negative and positive effects on the residential land market. Throughout 2018 and into this year, there has been limited growth in the south-west’s house prices, with an annual growth of circa 1 – 3% across the region. Growth has been constrained by affordability, rising interest rates and of course, uncertainty around Brexit. However, most commentators and analysis are forecasting five year house price growth in the south-west of between 10 – 15% (compounded), with most of this within the next three to five years. Although immediate growth prospects are flat or very low, at present there is not much evidence of prices actually falling. Looking at future new homes developments, the residential land market is seeing some downward pressure, in part because build costs are either matching or outstripping house price growth. This has been offset in part by new entrants to the market, in particular housing associations, which has resulted in a sustaining of residential land values for good quality sites, although this is not necessarily the case for secondary and tertiary sites, whose value is coming under pressure. However, where we have seen significant interest which looks likely to continue, is in the demand for strategic land capable of delivering development This paper is also available at:

over the next three to five years and beyond – particularly land available through option or promotion agreements. Uncertainty around Brexit has not impacted on these types of transactions, as both developers and promoters take a medium to long-term view and thus the market is remaining buoyant. A number of local councils are currently looking at their future housing requirements for the next five to ten years, therefore owners whose land adjoins villages or towns have an opportunity to promote their land for residential use; however, such opportunity will not last indefinitely and if you own or control this type of land you should consider taking action or advice now. The Cooper and Tanner Development Department has been involved in a considerable number of sales of land and sites with the benefit of planning permission, ranging from building plots to sites for 225 houses. More significantly, the department has concluded a substantial number of promotion and option agreements for potential residential allocation in due course - for sites from 10 up to 150 acres. If you would like advice on promoting your land through the planning process or just an indication of the likelihood of its suitability for development, please contact me. My development team and I would be delighted to provide no obligation advice, I am based in our Glastonbury Office and my colleague Darren is based in our Frome Office, we can be contacted by email at: nick.oliver@cooperandtanner.co.uk or darren.woodyer@cooperandtanner.co.uk

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Cooper and Tanner Issue 14  

Property and Auction News

Cooper and Tanner Issue 14  

Property and Auction News