Development land values recover as activity picks up

Savills saw more new-build homes reservations in Q3 this year than in any previous quarter on record, while development land buyers focus on smaller sites.

"Housebuilders are increasingly competing for well-priced sites in optimal locations," says Knight Frank, but many vendors continue to wait for more political certainty

Housebuilders reported strong sales rates in the second half of 2020 - but volumes are likely to return to "more normal levels", says Savills.