Justice secretary Michael Gove has announced plans to build nine new jails, a move that could result in a multimillion pound bonanza as old inner city prisons are closed and the sites sold for housing.
The sale of existing prison sites would release land for the construction of more than 3,000 homes, helping to offset the cost of the new jails.
The inner-city sites would be highly sought after, according to estate agents. Jim Ward at Savills said the acute housing shortfall in the capital meant any large, centrally located sites would undoubtedly attract developer demand.
