Salford University

School of Built Environment

BSc Property Management and Investment

Candice Garnett
 Page 2 of 26

A Development Proposal on St Patrick’s Court

Table of Contents

1.0 Executive Summary………………………………………………………………………….... Page 3

2.0 Site Selection…………………………………………………………………………………….. Page 4

2.1 Site Brief…………………………………………………………………………... Page 5
2.2 Planning…………………………………………………………………………… Page 6
2.3 Location of Site………………………………………………………………… Page 6
3.0 Site Appraisal…………………………………………………………………………………… Page 7
3.1 Liverpool Background……………………………………………………………. Page 7
3.2 Demographics……………………………………………………………………… Page 8
3.3 Infrastructure……………………………………………………………………… Page 9
3.4 Alternative Uses and Proposals for the Development……………. Page 10
3.5 Liverpool City Council Local Development Framework…………… Page 12
3.6 Local Property Market Research…………………………………………… Page 12
3.7 Development Financial Appraisal…………………………………………… Page 15

4.0 Development Program and Financing…………………………………………… Page 16

4.1 Funding……………………………………………………………………………………. Page 17
4.2 Cash Flow…………………………………………………………………………………. Page 18

5.0 Marketing………………………………………………………………………………………. Page 19

5.0 Critical Reflection…………………………………………………………………………… Page 21

Appendix 1 Liverpool City Council Local Development Framework

Appendix 2 RIBA Plan of Works

Appendix 3 House Market Information

Bibliography
 Page 3 of 26

1.0 Summary

CJG Development Consultants has been instructed to prepare a proposal for a development
for a selected site in the North West region of the UK. The site location is in Liverpool, located
in near proximity to the city centre, the plot measures 0.32 hectares and consists of an existing
grade 2 listed building with planning for conversion to 9 apartments and a plot with permission
to erect a block with 46 apartments and 2 ground floor retail units with associated parking etc

CJG Consultants purpose is to provide a proposal and to determine the feasibility of a

chosen development. This proposal comprises from the inception through to the necessary
research studies of costs involved, demand in the area through to the design and marketing to
establish to the client whether it is feasibly, functionally, technically and financially viable.

2.0 Site Selection

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Offers in the Region of £1,000,000

 Page 5 of 26

2.1 Site Brief

Site Address:
Land and Buildings 55-63 Great Crosshall St
Liverpool
United Kingdom L3 2AP

The plot comprises of an ornate 3 storey listed building set within a rectangular site with good road
frontage to Great Crosshall Street and a return frontage to Fonteroy Street from which vehicular
access can be gained. The plot extends to 0.32 hectares.

The existing buildings extends to approx 406 sq m (4,370 ft sq) over three floors, the
measurements are on a gross internal basis. The property is in predominately shell condition. The
remainder of the land has been cleared.

The plot has the additional advantage of full planning permission to convert the existing building
into 9 apartments and the erection of a mixed-use building to be constructed adjoining the existing
building; the new block extends to approx 4,800m² over 6 storey’s to be erected with associated
parking.
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2.2 Planning- Application Number: 06F/0933

The site has the benefit of a planning permission granted by Liverpool City Council on June 26 2006 as
follows:

“To convert existing buildings to create 9 no. Apartments and carry out associated alterations and to
develop adjoining site by the erection of a building providing 41 no apartments together with 2 no.
Ground floor units for uses in Class A1 or Class B1 and associated parking and site works.”

2.3 Location

The subject plot is located on Great Crosshall Street (A5046) close to its junction with Byron Street
less than half a mile north of Liverpool Town Hall. The site is close proximity to Liverpool John Moore’s
University campus and benefits from excellent communication links to access to and from the City
centre and beyond.
 Page 7 of 26

3.0 Site Appraisal Economic Research

3.1 Liverpool Background

Liverpool is one of the most exciting and thriving economic regions in the UK. It has the fastest
growing regional economy. The city is home to a diverse business base, making it an ideal investment
location. It has commercial strengths across a wide range of sectors, including business and financial
services, creative and digital industries and automotive. Liverpool is also a world-famous port city. As
European Capital of Culture 2008, it is successfully establishing itself as a thoroughly modern
international city. Over £4-5 billion of major developments are planned over the next five years. These
include the largest city centre retail regeneration project in Europe, confirmation that this dynamic region
is proactively building a brighter future.

“Liverpool - Key Facts

 Europe's leading location for bio manufacturing

 The UK's fastest growing Metropolitan City
 Named ‘IT and Telecommunications Capital of Europe’ in Foreign Direct Investment
magazine's European City of the Future awards 2004/05
 Liverpool John Lennon Airport is one the fastest growing airports in Europe, with almost four
million people passing through the airport each year.” (Wikipedia 2009).
 Page 8 of 26

3.2 Demographics
L3 L National
Population 7,748 843,581 52,024.138
Average Age 30 36.74 39.05

% Retirees 15.23% 20.65% 21.96%

% Unemployed 4.75% 5.41% 3.22%

% Education Degree Level 22.11% 14.99% 19.77%

Full Time Students 1,235 41,1547 1,766,469

% Full Time Students 15.95% 4.88% 3.40%

Total Migrants 2,466 90,993 6,336,121

% Migrants 31.83% 10.79% 12.18%

Who lives in L3

 Total population in this area is 7748

 The average age in this area is 30

 Single people make up 62% of the population in this postcode district.

 Average working hours in this area for men are 40 and for women are 33.

 This area has 11.9 people per square kilometer. The largest source of work in this area
is Wholesale & Retail (15.2% of workers), followed by Construction (15.1%)”.(Mouse
price 2009)
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3.3 Infrastructure

Liverpool is one of the best connected locations in the UK. An excellent transport
infrastructure provides access to all UK, European and international markets. Liverpool John
Lennon Airport connects to more than 70 destinations, including a daily service to New York.
There are regular, direct rail services to London and other major cities, while two thirds of the
UK's population lives within a 2 hour drive.

Moorefield’s Station is
7mins walk from the
proposed site and is
situated both on the
northern and Wirral lines,
the trains are every 15mins
and is a 5 min journey to
the City centre which has
connections to all over the
country.

 City centre is a 7 min walk

 Regular bus service.

 Nearest motorway is the M62 which is

6.5 miles and 15 miles to the M6
motorway.

 10 Mile to John Lennon’s Airport

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3.4 Alternative Uses and Proposals for the Development

Identifying which would be most appropriate use of the development an examination of the
surrounding area would establish potentially the most viable proposition and to determine what
would have the most demand

The proposed site could potentially; subject to planning consent have a range of different
facilities.

Alternative uses;

 Mixed use

 Residential

 Retail

 Commercial and industrial

 Office

 Leisure
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The location of the proposed site is primarily a residential area, with John Moore’s
University in near proximity and a small selection of retail units serving the community which
consists of local post office, coffee shop, music and interior shop, bargain booze and Premier
Inn Hotel. There is office space local and high rise apartment blocks neighboring providing
student accommodation as well as residential houses.

Considering what amenities are within the area, commercial and industrial would not be
preferable as the area is primarily residential, having the development as office use would not
be financially viable as office rents within the area are only achieving £80m² rather than other
prime locations closer to the city centre, Leisure facilities wouldn’t be appropriate as John
Moore’s University provides leisure facilities and it would be not viable to compete with such a
large competitor. Having considered all the facts the development of mixed use residential and
retail would be the most viable and potentially the most demand, the development would
attribute to the economic and social enhancement of the local neighborhood.

The examination of the area concluded that presently there isn’t adequate shopping to
serve the needs of the local residents and providing retail units would fulfill this gap.
Development schemes are increasingly seeing a mix of uses, new retail development for
example is now often allied with residential.

“Retail-led mixed use is seen as key to the creation of a diverse and sustainable urban
economy, creating a critical mass of activity, raising property values, increasing employment
opportunities and introducing a local population to sustain services and create vibrant, lived-in
public spaces.”(Building 2005)

Preferred Development Option

o To convert the existing building to provide 9 apartments as planning

permission permits.
 Page 12 of 26

o To erect a 7 storey building to supply 76 apartments. (Subject to planning

consent to increase the size of the new building)

o 3 Retail units to the ground floor, A1 and A2 use (Subject to planning consent)

Planning consents would be required to increase the size of the new development, after
financial examination of the potential development the current size of which planning permits
would not achieve profitability and the development would not be viable.

3.5 Liverpool City Council Local Development Framework

The proposed development of St Patrick’s court addresses all five objectives of Liverpool’s
City Council Development Framework (See appendix 1)

1. Supporting and accelerating the physical regeneration of the city of Liverpool.

2. The development comprises of a mixed use building. The retail units will provide
facilities to the community which is one of the key objectives in sustainability measures
to provide amenities for the community.

3. Improving the quality of the existing building and improving the space.
4. A key factor to sustainability credentials, the redevelopment of Brownfield land relieves
the pressure on the countryside and protects Greenfield areas and contributes to the
community well being by tackling visual and economic issues.

5. One character to sustainability of a development is the location and its accessibility,

which in turn affects the people whom operate within them and people visiting.
Regulatory transport policies make it crucial to its environmental, social and economic
performance. Sustainable transport measures will allow people to seek alternatives to
the car as attractive and viable choices.

3.6 Local Property Market Research

The postcode district L3 has been experiencing annual growth of 15.5% over the last 5
years excluding the effect of inflation. This growth rate tends to indicate dynamic local economy
and housing market. Property price growth in this area has significantly exceeded growth in
earnings and the national average house price growth, and so the likelihood of it continuing will
be dependent upon price earnings ratio, as well as investment by developers and local
authorities in continually upgrading local infrastructure, schools, in addition to the continued
strength of the local and national economies and any other economies upon which the area
 Page 13 of 26

depends.

Housing Stock
Over half of the properties in the area are 52.6% of the total housing stock
Flats.

Detached Houses account for the lowest Only 3.2%. Of the total housing stock
percentage.
The property in this area caters for; Retirees and young couples that do not
have large families.

A high proportion of property in the area Is socially rented. This suggests that
A lower than average proportion of there is a very healthy rental market.
property in this area is owner occupied.

The average price of a two-bed property £187894 at £236759

in this area is higher than the national
average.

Housing Stock Summary

-Over half of the properties in the area are Flats, at 52.6% of the total housing stock.
-Detached Houses account for the lowest percentage of the housing stock in this district, at
only 3.2%.
-The property in this area caters well for retirees and young couples who do not have large
families.
-A high proportion of property in this area is socially rented.
-A lower than average proportion of property in this area is owner occupied. This suggests that
there is a very healthy rental market.
-The average price of a two-bed property in this area is higher than the national average of
£187894 at £236759.
 Page 14 of 26

Price Earnings Ratio

“Price to earnings ratios are effective measures of the relative affordability of property in a
given area. The data below for L3 the average current value of property in L3 (Price), divided
by the average annual household income for L3 (Earnings). The result is displayed below. For
example, if the average price of property in L3 was two hundred thousand and the average
earnings were twenty thousand, the price earnings ratio would be displayed as 10.00x. In other
words, the average property was worth ten times the average household income.” (Mouse
prices 2009)

L3 L National

Average Current £164,30 £137,40 £203,40

Value 0 0 0

Average Earnings £27,797 £20,857 £24,478

Price / Earnings 5.91x 6.59x 8.31x

Examining rental returns in the development's area, investment growth potential and rent
ability. Having investigated current market climate “UK commercial property capital values
plummeted in November 2008, falling 6.6%, retail being one of the biggest drops” (M Bret
2008) I have took this into consideration and as the area is experiencing an economic growth
and with no vacant retail units available, I feel confident that an 8% yield is achievable. Retail
property generally benefits from higher guaranteed income with a fair and steady growth in
value.

Average current values

  L3 L National
1 Bedroom properties £128,400 £100,000 £135,900
2 Bedroom properties £169,700 £103,700 £149,600
3 Bedroom properties £142,600 £118,800 £169,800
4 Bedroom properties £186,400 £187,200 £279,900
5+ Bedroom properties £0 £267,300 £457,100

Examining the local property market values the comparison method of valuation has been
applied to value the proposed development comparing the capital values and rents achieved of
properties that have recently been sold or let. (See Appendix 3)

o 1 Bedroom apartment £95,000

o 2 Bedroom apartment £125,000

o 3 Bedroom apartment £145,000

 Page 15 of 26

o Retail units £150m2

3.7 Development Financial Appraisal

GROSS DEVELOPMENT VALUE £ £ £

Retail
Gross Letting area (sq m) 1000m²
Net Letting Area (sq m) –10% 900m²
Rent (£ per sq m) 150m²
Yield (%) 8.00%
Full rental value £135,000
Capital Value £1,687,500
Less Purchasers Costs 5.76% £97,200 £1,590,300
Residential
1 Bed Apartments 9 £95,000 £855,000
2 Bed Apartments 56 £125,000 £7,000.000
3 Bed Apartments 20 £145,000 £2,900.000

GDV Total
£12,345.300
Less Disposal Costs at 3% Agents Sales/letting fees etc £370,359
TOTAL £11,974,941
CONSTRUCTION COSTS
Demolition 0
Refurbish of Existing Building
Gross internal area (sq m) 406m²
Construction costs (£ per sq m) £778
Total construction cost £315,000
New Build of Retail and Apartments Above
Gross Internal Area (sq m) 7000m²
Construction Costs (£ per sq m) £884
Total Construction Costs £6,188.000
Car Parking Net Area 1500m²
Construction Costs (£ per sq m) £130m²
Total Construction Costs £195,000
 Page 16 of 26

Total £6,698.000
Ancillary Costs (5%) £334,900

Total Build Costs

£7,032.000

Professional fees (15% of Construction Costs) £1,054.800 £8,086.800

Contingencies @ 5% £404,340 £8,087.204
Total Construction Costs £8,087.204

Land Costs
Land Price £1,000.000
Acquisition 5.76% £57.600
Total land costs £1,057.600
Total Land and Build Costs £9,144,804

INTEREST (COMPOUNDED EVERY 3 MONTHS) £337,459.61

Interest rate PER ANNUM Over 24 Months
(See Chart) 10%
Total Costs £9,482,263.60

PROFIT
Amount of profit £2,492,678

Developer's profit as % of GDV

20%

4.0 Development Programming and Financing

The development cycle starts at the inception through to the completion of the project. . (See
Appendix 1 RIBA Plan of Works) The proposed development is estimated to commence 2010 over a
24-month period.

The existing building is listed so the appearance of the façade will remain the same, the new
building will be attached to the existing building and will have mostly glass and red brick façade to allow
as much light into the building to contribute to the occupant health and well being, in retail areas natural
light have demonstrated increases in financial performances

The new development sustainability will be incorporated where as possible seeking local resources
and site waste management processes. Sustainable behaviors add value to commercial endeavor and
make good business sense. Buildings that do not exhibit good sustainable characteristics may have
lesser occupational demand, which in effect could be a higher investment risk in return lower value and
desirability of the building.
 Page 17 of 26

Examining the research of the locality there are existing high rise buildings adjacent to the
proposed development and therefore don’t foresee there any problems in achieving planning consents
to construct a larger development that has already been consented to by the local planning authority
and further more I foresee that the proposed new development would not have an environmental impact
on the surrounding area, on the contrary the building will be aesthetically pleasing vastly improving
the site which currently is a visual eye sore and foresee that it will improve and enhance and regenerate
the area.

4.1 Funding

This scheme will require 80% direct short term development financing. (100% finance was used in
the cash flow and financial appraisal) The rate of interest charged is usually 10%. The financing facility
would include site acquisition to all building works and fees necessary to complete the project, with
regular releases of funds at stages within the lifespan of the development until to the point when the
development becomes self funding through its own cash generation. “80% of all Costs, the facility will
provide funding to cover all the usual costs such as: site acquisition, stamp duty, architects fees,
quantity surveyors fees, materials costs, finance broker fees, road construction, and all building works
in addition to loan interest, estate agency and any other fees necessary to make the new home ready
for your purchaser's occupation.” (Development Finance 2009)

The nature of a development means costs can fluctuate over time as the project develops. The S
Curve in a building proposal scheme shows at the early stages of a development that building works
carried out and finance are minimal due to the planning of the project, involving applying for planning,
architects, clearance of sites etc and as time progresses more costs are involved as construction
proceeds, this is considered in cash flows projections.
 Page 18 of 26

(Figure S Curve)

Financial Summary
Price m²
Land Purchase Price £142m²
Build Costs £1,188m²
Total Costs £1,330m²
Selling Price £1,666m
Profit £336m²

4.2 Cash Flow

Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 5 Qtr 6 Qtr 7 Qtr 8

Opening Debt £1,057,600 £1,442,790 £1,422,934.70 £856,333 £1,011,991.30 £444,041 £437,305 £2,365,684.70

Build Costs £350,000 £350,000 £1,000,000 £2,000,000 £2,000,000 £1,500,000 £500,000 £387,204
Over 24 Mths
Borrowing at £1,407,600 £1,792,790 £1,422,934.70 £2,856,333 £3,011,991.30 £1,944,041 £62,695
End
Interest 2.5% £35,190 £44,819.75 £60,573.37 £71,408.32 £75,299.78 £48,601.02 £1,567.37
Qtr
Debt Carried £1,442,790 £1,837,609.70 £2,483,508 £2,927,741 £3,087,291 £1,992,642 £64,262.37 £1,978,480.70
Forward
Revenue from £427,500 £1,677,500 £1,975,000 £2,725,000 £2,505,100 £2,505,100 £530,100
Sales
Disposal Fees £12,825 £50,325 £59,250 £81,750 £75,153 £75,153 £15,903
3%
Total £414,675 £1,627,175 £1,915,750 £2,643,250 £2,429,947 £2,429,947 £514,197

Debt Carried £1,422,934.70 £856,333 £1,011,991.30 £444,041 £437,305 £2,365,684.70 £2,492,678

Forward
 Page 19 of 26

Developers 20%
Profit

Sensitivity Analysis

A sensitivity test analysis movements in costs and returns in a development scheme and provides
for a what if situation. In the chart below I have done a sensitivity test on the yields, build costs and the
gross development value. Yield is a measure of investment return on property that relates rental return
to capital purchase. The greater the rental growth forecast the lower the yield the investor will accept
as the investment is more secure. Less secure investments in, for example, less profitable locations
will typically have a higher yield to make up the greater risk the investor is making (Allmedinger et al.,
2000). As you can see changing different variables can alter the final profit figures.

Variable Variation Profit Developers Variation Variation

Profit % in Profit in Profit %
GDV 20% + 10% £3,172,436 28% £679,758 +8%
- 10% £1,261,438 11% £1,231,240 - 9%

Build Costs + 10% £1,650,212 13% £842,466 -7%

- 10% £3,705,503 30% £1,212,825 +10%

Yield 8% 7% £2,702,470 22% £209,792 +2%

9% £2,319,493 19% £173,185 -1%

5.0 Marketing

The key factor to marketing is to identify what your target market is, after carrying out the research
in the area it was established that the majority of residents are young and single or retirees and the
majority of the properties are not owner occupied which suggests that there is a healthy rental market
therefore, it is established that our target market is investors, young single market and the retirement
market.

“One-bedroom apartments (but not studios) have the best rental prospects in cities (where most
renters are singles), while large houses are best in country areas.” (Building 2005)

To Understand the Competition in the Industry.

Analyzing the competition will give the company a competitive advantage to establish the strengths
and weakness of its competitors and therefore will determine in what directions the company can focus
on, this can be achieved by a SWOT analysis as shown below.

Internal External
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Opportunities
Strengths

 Competitive Price.  A Competitive Advantage.

 Value for Money.  No New Developments in the Area.
 Quality Product.  Lack of Competition in the Area.
 Geographically Excellent Location.  Current Trend in Apartments in the Area.
Positive

 Brand New.  High Demand.

 Vacant Possession.  Economic Growth in the Area.
 Buy of Plan Choice of Finishing's.
 Provision of Excellent Parking Facilities.
 Regeneration of Derelict Land

Weaknesses Threats

 Reliability on sale off plan for Viable Profits.
 Timescale's Pressure to Meet Deadlines.
 High Initial Cost of Land Purchase Makes
Development Scheme Financially Risky.
 Timescale Potential Purchaser Could
Negative
 Global Economic Conditions Increase on Financial
Risk.
 Risk of Additional Contingency Costs Such as
Further Land Remediation i.e. Pile Foundations
and Levelling.

Possibly Prefer to buy Completed Property's.
 Failing Gross Development Value Due to
Slackening Yields in the Present Market.
 Increase Interest Rates.
 Decrease in Market Demand.
 Stamp Duty Threshold.
 Delays in Development Timescale Resulting in
Higher Holding and Finance Costs

The direction that we are going to focus on is to price our product 10% under the current market
values of our competitors to achieve maximum sales, the goal is to sell off plan and to give our
customers the added bonus of a choice of finishing’s which will obtain a competitive edge. To achieve
these goals the company needs to exploit on all marketing tools as possible.

Advertising
Advertising is an important component of the promotion element of the market mix along with direct
marketing, show room exhibitions and a website. The aim of each of these is to promote the company
and relay the information to the attended audience. “ We define marketing as the process by which
companies create value for customers and build strong customer relationships in order to capture value
from customers in return.” (Kotler, P and Armstrong, G 2006)

 The use of site boards,

 Paper advertising local and national,
 Websites
 High Street estate agents shop window advertising.

Recruit and hire self- motivated, successful oriented and hard working sales team.

Hiring experienced people will give the company more structure and the outcome will become a
more professional image with a quality product. The use of larger networked estate agents will further
the customer network to achieve maximum sales.
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6.0 Critical Reflection

As a property development consultant working for CJG Consultants, I was instructed to prepare a
proposal of a development in the North West region in the UK. After collective research of the
Northwest region, I discovered that the City of Liverpool was an up and coming City and is experience
economic growth compared to other regions of the country, it was established that a lot of investment
was entering the city and the regeneration of the city is now in progress establishing that this area was a
good place to choose a viable development site.

After examining the region of Liverpool viewing potential sites, I identified that the site on Crosshall
Street obtained the most prospects; it occupied an excellent location offering easy access to public
transport and a short distance to John Moore’s University and the City Centre and appeared potentially
to be a good viable development.

It was concluded after critically evaluating the potential site after completing financial appraisals, in
depth research of demographics, infrastructure and current housing market values and trends etc it was
soon recognized that a mixed use development, retail and residential would potentially be the best
viable plan direction.

It was established that the site location is situated in a primarily residential area, with a small
number of retail. The area is populated by mainly single average aged 30 year olds and retirees; with a
 Page 22 of 26

majority of the properties not owner occupied which suggested a healthy rental market, ideal for
investors which further more established that apartments would be the best option of development and
providing retail units to service the community.

As a property consultant it became increasingly apparent that the most important part of the
development process is at the very beginning, the proposal, which identifies from initial research
whether the project is feasible and viable and to assess whether to proceed.

Appendix 1

Liverpool City Council Local Development Framework

The planning system in the UK is primarily indented to regulate

land use and guide development. It is the role of the planning
system to guide development in the public interest.

“Liverpool City Council LDF has five key objectives.

1. To strengthen Liverpool’s economy and improve the city’s image.

LPF emerging core strategy is to make provision for an increase in the population, as required by
the newly adopted Regional Spartial Strategy which nearly doubles the average number of new homes
to be built in the city each year. Therefore the LDF provides a significant amount of new housing both
for the city’s existing population and also for people attracted to the city in recent years

2. To build and support strong and inclusive communities.

 Page 23 of 26

The LPD under pin policy is for the creation of strong community and clearly signals the creation of
local shopping facilities needed to serve local community. The key objective of the city is to achieve a
better balance and mix of development.

3. To improve the quality of buildings and spaces to foster local identity

4. To protect the environment and minimize resource use.

A significant issue to the LDF is sustainability, additionally policies relating to renewable energy.

5. Maximize accessibility.

Liverpool benefits from good transport system which enables the vast majority of the city to be
highly accessibility by most means of transport.

The LDF will continue to ensure that the most accessible locations are the focus for all new
residential development. There is a very heavy reliance on cars as the primary means of
transportation, and as such the LDF will encourage people to shift from using the car to more
sustainable means of transport.

The LDF will continue to ensure that development and in particular new residential developments
are either located in the most accessible locations or that they are closely linked to the public transport
network.”(Liverpool City Council 2009)
Appendix 2
Page 24 of 26
 Page 25 of 26

Appendix 3

Street Town Average Sales

Leeds Street, Liverpool Liverpool £170,000 4

Mariners Wharf, Liverpool Liverpool £245,000 1
Marlborough Street, Liverpool Liverpool £200,000 1
Pall Mall Liverpool £140,223 6
Princes Parade, Liverpool Liverpool £185,395 3
Riding Street Liverpool £102,458 6
Rumford Place, Liverpool Liverpool £180,125 4
St Pauls Square, Liverpool Liverpool £112,500 5
William Jessop Way Liverpool £131,706 5

(Mouse prices 2009)

Market
Characteristics L3 L National

Market size Indicator: no. of transactions 5,980 187,466 15,535,006

Market size Indicator: total no. of properties 8,259 382,221 26,982,623

Market liquidity Indicator: transactions / properties 72.41 49.05% 57.57%

%

Market growth indicator: new homes built 3,297 25,861 1,614,582

Market growth indicator: new builds / transactions 55.13 13.80% 10.39%

%

(
 Page 26 of 26

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