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The latest Rural Land Market Survey, released by the RICS (Royal Institution of Chartered Surveyors) and RAU (Royal Agricultural University) shows that demand for farmland continues to outpace supply.
This is driving up prices and supports expectations for further rises to come over the year. Woolley & Wallis, who are active contributors to the survey, have seen prices of arable land achieve well over the national average and witnessed significant premiums paid for good quality parcels of ground.
The principle points to come out of the survey are that, firstly, agricultural land prices nationally have broken the £10,000 per acre mark. In the experience of our Salisbury and Marlborough offices, prices are now far in excess of this for larger parcels of good quality arable land.
Secondly, the lower commodity prices, such as milk dropping from 35 pence per litre down to 22 pence per litre has tempered the demand from the farming sector but the amount of land coming to the market remains low. Thirdly, the implications of this are that, with supply staying tight, that prices of land are expected to keep rising.
Woolley & Wallis have also seen the increase in demand from “lifestyle” buyers which adds to price pressures and keeps price expectations firm. Woolley & Wallis have demonstrated that their skills and experience have served their clients successfully and profitably and will continue to do so in 2015.