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Insight: Building Land Shortage

With many of the work force still working from home the already slow planning process seems to be even slower because of the current working restrictions. This has led to a real shortage of available land with appropriate planning permissions for housebuilders to purchase to support current productivity. With current government initiatives such as the extension to the stamp duty holiday, housing developers have experienced a very buoyant housing market achieving healthy house prices, just as important their sales rates have remained high throughout the pandemic. This means they are using up their existing land holdings more quickly than expected which is exacerbating the problem of fewer new development sites with a planning permission coming to the market. With all house builders, large and small experiencing the same conditions demand is currently exceeding supply which is causing land values to rise in some areas.