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10% to 30% above EUV in urban areas. greenfield land, benchmarks tend to be in a range of 10 to 20 times agricultural value.7

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Appendix 4 – Residential Market Review CIL Viability Study February 2019

2 UK and Regional Market Overview

2.1 The RICS publishes a regular UK residential property market survey providing an overall opinion of the direction that the residential market is taking, along with commentary from surveyors from the individual regions throughout the UK. The latest publication of this is October 2018 providing the following summary:

 Prices now seen falling nationally although some parts of the UK are still recording solid growth;  New buyer demand continues to weaken alongside falling new instructions;  Conditions remain more challenging across higher priced tiers of the market.

2.2 The paper highlights that: the weakening in new buyer demand due to affordability pressures; political uncertainty; and lack of fresh stock; is beginning to feed into a slightly negative trend for national house prices. Respondents in the South East return a negative assessment on the prospect for house prices over the coming year. New instructions have also declined over recent months and stock levels remain low1.

Figure 2.1 shows that and Wales experienced strong house price growth leading up to the 2007/08 financial crises. Following the financial crises average prices fell by around 20%. In the following few years there was uncertainty in the economy leading to a slow and unpredictable recovery in house prices. Since 2009 average prices have been steadily increasing, at first driven by strong house price growth in London which then filtered out across the regions. Average prices in England and Wales are now in excess of the 2007/08 peak (£192,000) at £244,000.

1 RICS September 2018: UK Residential Market survey, page 1.

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Appendix 4 – Residential Market Review Vale of White Horse CIL Viability Study February 2019

6 Residential Value Assumptions

6.1 Based on our market assessment above we have assumed the following values (£ psm) across the District. For our assumptions we have divided the district into two distinct areas;

 The eastern parishes (, , , , Kennington, Wootton, , , Abingdon, Drayton, , Appleford On Thames, Milton, Harwell, Chilton, Upton, and )  Rest of District (all other parishes)

6.2 We set out below in Figure 6.1 and Figure 6.2 below our value assumptions.

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