Sunday, 9 September 2012
Land Banking
The Times just revealed that the big national housing developers have been quietly squirreling away large tracts of prime development land and then just sitting on it - known as land banking. There is enough land for a quarter of a million houses. The developers defend not building because the sites are ‘commercially unviable’; this is a term councilors get to hear a lot at planning committee, when the developer wants to reduce the number of affordable homes for local families. However it’s not so much unviable as slightly less massively profitable. Just look at their share prices of developers - Taylor Wimpey up from 30p to 54p; Barratt up from 76p to £1.50; Persimmon up from £4.25 to £7.00.
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