Demand surges for farmland across region
Yorkshire premiums match South-East
FARMLAND ACROSS Yorkshire’s most prized rural districts is attracting the highest prices in the North of England as a wave of new investors look to make their dreams of country life a reality.
Estates in locations such as the Yorkshire Dales and the North York Moors have witnessed a surge in demand and are now seen as some of the most desirable areas in an increasingly competitive marketplace.
Finance experts at Strutt & Parker property and land agents, who had a stand at the Great Yorkshire Show, told
that farmland in the region had weathered the political uncertainty particularly well following last year’s Brexit vote and the General Election in June.
Yorkshire’s farmland has sold for up to £10,000 per acre in the last three months, mirroring the top-end prices for some of the most expensive areas in the country, including the South-East.
Michael Fiddes, the head of estates and farm agency for Strutt & Parker, said: “Yorkshire is an area which is renowned for its beautiful countryside, and it is a region that continues to attract some of the biggest premiums nationally.
“The past six months have been a time of unprecedented political and economic uncertainty, thanks to the Brexit vote and a snap General Election. However, despite the turmoil, land prices have held up remarkably well.
“Yorkshire, in particular, has performed very well as investors are attracted by a lifestyle purchase. A country estate is seen as an aspirational asset, and people are buying land for privacy around country homes, and also for pursuits such as shooting.
“The Yorkshire region has a lot of money and wealth, and investment in farmland and country estates is seen as a solid purchase.”
The latest figures published yesterday revealed the value of farmland in England appears to be levelling out after two years of gradual decline. The average price paid for arable land in the second quarter of 2017 was £8,400 per acre – about the same level as seen during the first three months of the year.
While there can be a wide range in prices paid, the majority of land sold in the £8,000 to £10,000 per acre bracket, with most at the lower end of the range. Pasture prices also remained stable at an average sale price of £7,700 per acre.
Will Parry, the head of the northern region for Strutt & Parker, said: “The difference between the highest and lowest prices paid for land has never been so wide. The best land, characterised by its location and quality, is selling very quickly and well. However, demand has fallen for secondary quality land, in less sought-after areas, or for farms where there is property that needs work.
“I expect the market to be selective over the coming months, with some blocks of land and farms struggling to find buyers, but don’t be surprised to hear of some top prices being paid for the most attractive properties.”