Agricultural land market ‘picking up’
The market for agricultural land in the east of England is likely to be far more active in the coming months than during 2009, according to a new report.
A study by chartered surveyors Smiths Gore found that there were more than three times as many farm properties on the market in the region at the end of the first quarter of 2010 than there were 12 months earlier.
The growth in the number of farms becoming available in the east of England equates to a 77 per cent rise in the volume of land available.
Smiths Gore said there are also signs demand for agricultural land and properties is growing, which could result in values rising – although it made it clear that prices are likely to be influenced significantly by the outcome of the general election.
Gerald FitzGerald, head of property investment and valuations for Smiths Gore, said demand for agricultural land is not only coming from farmers.
“Demand for land as an investment remains strong but there have been very few sizeable investment sales. Most sales have been below £1 million to private individuals buying for tax reasons,” he explained.
A recent study by real estate consultancy Savills also concluded that the number of non-farmers interested in buying agricultural land would help to push up values this year.
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