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The RICS and Royal Agricultural University have published their analysis of the agricultural land market for the first half of 2015 and Woolley & Wallis have been contributors to this.
The survey shows an increase in supply of farmland alongside a more moderate demand in growth. This increase in supply relative to demand has led to a reduction in expectations for price growth over the coming 12 months.There has been an increase in supply of commercial farmland and for the first time since 2008 the demand has declined. There has been an increase in demand from “lifestyle “buyers and the overall opinion is that prices of land with a residential element (where the residential element is more than 50% or more of the total value) will continue to rise.A breakdown of the survey reveals that the largest price growth over the last year with both arable and pasture is in the south and there have still been sharp rises in prices.
Richard Nocton, Partner, said” As a contributor to the RICS- RAU survey we would echo these findings, however land is still selling extremely well in certain areas and the demand can be fierce locally where good quality ground is offered for sale. Undoubtedly the pressure of low agricultural commodity prices will percolate through to also have an effect on values”.
He went on to say” the encouraging factor is that lifestyle buyers are still an important element in the market and could well become a highly influential in the coming months.”