Exactly how can you judge if you are getting a good deal on land? To begin with, it probably goes without saying that land which already has some form of planning permission will be of a much higher value than land without.
Then consider the regional variations. As always, it is about location, location, location. The worth of land for sale is directly related to the current housing market, so it follows that land in sought after regions, such as London and the South East, demand more per acre than their cheaper counterparts.
Also, bear in mind transport links, which often influence the asking price of any site. Although countryside tranquillity may appeal to many people, land prices close to main commuter links such as motorways and railway stations are much more popular than rural plots. Furthermore, land situated close to a quickly expanding town will command a higher price in expectation of its future building potential.
To examine what you should be paying in closer detail, visit the website of the Valuation Office Agency (VOA). The VOA provide property market reports twice a year and there is a special section on residential building land, which can provide information on prices and planning policy from across the country.
Stamp Duty Land Tax (SDLT) has replaced Stamp Duty in respect of land sales. SDLT is payable by the purchaser in a land transaction. Certain transactions are not be liable to Stamp Duty Land Tax either because they are below the threshold or because the transaction qualifies for relief. Full details can be found on HM Revenue and Customs website.
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