Despite what the press would have you believe, the market for farms, farmland and rural property remains in a good position. Whilst it can’t be ignored that interest rates have risen significantly over the last 6 months, they are only now back to long term average levels.
Whilst not a bumper year for sales, we have achieved some good success for clients this year on agency. We have advised the majority of our clients to be sensible and cautious with their expectations and this has paid dividends with a good level of interest and viewings. We’ve worked with our vendors to ensure that a legal pack is prepared in readiness for a deal being done, so that solicitors can begin work on the transaction immediately. Being proactive with the process and working alongside a trusted solicitor has helped reduce the time taken to exchange contracts.
Purchasers are looking for good quality and productive blocks of land that can be used straight away, either as their own standalone parcel or as part of a farming larger unit. Similarly, purchasers are looking for opportunities to add value with planning or diversification opportunities. Average land values across our region are £10-£15k per acre, and in some cases well in excess of this figure. There is never a one-size-fits-all answer to the price of land so each sale is taken individually.
Land and farmland continues to be a safe investment with attractive taxation benefits. Whilst rollover and inheritance tax reliefs are available the market for land is likely to remain stable.
We have also launched our online auction platform this year. This has been a great success and has seen small parcels of land fetch nearly £30k per acre which is some of the highest prices we’ve ever seen for small parcels in this region.
If you would like to discuss the sale of your land or are looking to purchase farmland, please contact one of our offices who will be happy to help.
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Julia Trapp
Julia looks after all of our marketing communications, printed material, design, branding, publications, digital marketing and advertising. She has worked across a number of industries in marketing roles and outside of work, if usually found on a netball court or coaching from the side lines.
