'Development industry fared well in 2019'

Savills‘ south central development team, based in Oxford and Reading, has reported a strong 2019 with new entrants to the market and good demand from housebuilders.

The team acted on more than £245m of land sales across the region during the year and says the development industry fared well in that time.

Joint head of the team Tim Watson said: “The turn of the year saw a clear shift in market sentiment with a growing confidence and strong pipeline of development opportunities. The outbreak of COVID-19 has added uncertainty to the market but activity remains and we are continuing to provide prudent advice to our clients through our agency, valuation, and development consultancy service lines.“

Sites sold by the team during 2019 include:

Land for 240 properties in Radley sold to Pye Homes
Land for 1,249 units in Didcot sold to L&G Homes and Communities
The sale of land for 333 homes at Barton Park in Oxford, to Redrow Plc

The team also advised on strategic land including 525 acres at Grazeley, Berkshire and 537 acres at North Eynsham Garden Village.

Savills‘ valuations department dealt with 787-home Huntley Wharf in Reading and a number of PRS schemes in the Thames Valley.

Joint head of the south central development team Ed Keeling said: “Despite the current situation we continue to receive both UK and overseas investment in all major growth areas and following a return to normal activity anticipate opportunity, growth and strong demand for quality development sites across the region.”

Image: Ed Keeling