Pick up a plumb plot 'for less'

While the prospect of recession might not be good news for everyone in the property market, it could be good news for those who want to buy a plot.

In an interview with the Daily Mirror, Liam Bailey of estate agent Knight Frank said that developmentland values in London are down in value by a third.

Many buyers, he observed, are looking for "distressed property sellers" - who are selling assets which are unlikely to drop any further in price.

The newspaper cited the example of Sarah Cooper, a 29-year-old teacher from the West Midlands, who benefited from the fall in prices.

Having lost out on one plot, she asked the developer to retain her details for any future sales. Just over a year later, they were offered a plot for £150,000 less than what they had been asked to pay last year.

This week, John MacDonald, founder of Skye Homes, told the Herald that the introduction of self-build stages to the house building process could kick start the sector.