Land prices in prime central London 'took a breather' in the first three months of the year, while prices in the rest of the UK also remained stable.

The latest residential development land index shows that land prices remained unchanged in Prime Central London and the wider UK in the first three months of the year. The value of greenfield land with planning consent remained unchanged outside London, after rising by 1.3% last year. This partly reflected the broad stability in house prices across the UK between January and March.

But prices in prime central London also remained unchanged, in the first three months of the year, after a 20% rise in 2011. Demand levels for development land for luxury London homes remained robust, but there is evidence that funding sources are wieghing on prices.

Read the full residential development land index