Land prices in the Midlands’ top residential addresses have increased by between 15 and 20 per cent since the start of this year.
According to development experts at CBRE, the hike is largely as a result of the Government’s Help to Buy scheme, which has dramatically increased the number of house sales and consequently prompted volume housebuilders to acquire more land.
Adrian Willet, a director in the development team at CBRE in Birmingham, said: “Help to Buy has been a genuine game-changer for the housing market. This initiative is to volume housebuilders what Quantitative Easing has been to the UK economy. In the three months since it was launched regional housebuilders’ land buying sentiment has improved enormously.”
In the last few weeks Taylor Wimpey, Galliford Try, Redrow and Barratt have all reported improved revenues, profits and sales, and all have acknowledged the role of Help to Buy in the trends.