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19 August, 2021 - 21:41 By Tony Quested

Savills seals £272m of Eastern land sales in H1 2021

Property agent Savills completed more than £272 million worth of land sales across the East of England in the first half of 2021 – paving the way for over 8,500 new homes.

The 20 sites – totalling £272,126,400 – are spread across Cambridgeshire, Suffolk, Norfolk, Essex and Hertfordshire and have planning permission for 8,692 residential units.

Significant deals in the region included a 58-acre site at Candlet Road in Felixstowe, Suffolk, which was sold to Persimmon Homes with permission for 560 properties – 35 per cent of which will be affordable.

Elsewhere, a 23-acre site with permission for 225 homes was sold to Taylor Wimpey as part of the larger Kingsfleet development at Thetford in Norfolk, while CALA Homes bought land at Eastern Woods at the former Waterbeach barracks and airfield site in Cambridgeshire. 

The site has permission for 128 properties – 40 of which will affordable – and will be delivered as part of Urban and Civic’s Waterbeach new town scheme.

A 21.5-acre site with permission for 336 homes at Wintringham, St Neots, in Cambridgeshire, was sold to housebuilder Barratts, while a 93-acre site to the east of Stevenage in Hertfordshire with planning permission for 618 homes has been purchased by Redrow.

Richard Janes, who leads the development team at Savills in Cambridge, said the second quarter of the year saw a particular trend towards larger sites.
“We have had a very strong first half of the year and our development land teams across the region have capitalised on the strength of the housing market in the second half of 2020, which gave land buyers more confidence,” he said. 

“The high sales rates of last year have depleted housebuilders’ stocks of new homes and land meaning that land replenishment will be an ongoing feature of the 2021 market.”

Andy Redman, who leads the development teams for Savills across Essex and Suffolk, added: “Our research tells us land values have remained robust over the last quarter, with UK greenfield and urban values increasing by 1.7 per cent and 1.8per centrespectively, marking the strongest growth in greenfield land values since 2014. 

“We have seen a particularly busy second quarter, with activity levels in the land market higher than previous quarters. The momentum has continued through July and we look forward to a busy Q3.

“We are seeing lots of new sites being brought forward with increasingly motivated buyers in the market and no sign of a summer lull.”

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