The market for small plots of land, with or without building permission, is one aspect of the local property sector in and around Cambridge which remains steady. In some instances, these plots achieve prices above the original asking price, according to experts in Carter Jonas' Development team.
The firm has recently concluded the sale of the freehold of a single building plot in a popular residential location on the edge of the city centre, for 35 percent above the original asking price.
Not only are purchasers of plots showing the confidence to buy, confirms Mark Hallam, a partner at Carter Jonas, but vendors are still willing to bring plots through to offer in the current market, confident of achieving not just a sale but a sale for a good price.
Carter Jonas has just begun to market another city centre development opportunity as a refurbishment and development opportunity, which has already attracted interest, given its location on Norwich Street – another central, residential location.
Plots are coming through in popular villages too. Carter Jonas has been instructed to sell the freehold of a potential building plot which is part of a large garden of a property in the conservation area of Haslingfield.
It is the quality of the location which is key to the popularity of plot sales in the current property market, says Mark Hallam.
‘A few years ago, infill and end-of-garden plots in villages and market towns and in the city centre were more or less guaranteed to sell.
‘Whereas now, the emphasis is on plots in a special location and when these plots do come to the market, even though there may be technical issues such as rights of way or restrictive covenants or planning permissions to be sought, we seem to be achieving good prices which compare very favourably with the peak of past market conditions.’
For more information, contact Mark Hallam on 01223 346604.