Farm and land sales booming in crisis

CORNWALL and Devon’s farmland market has experienced a “hive of activity” despite the uncertainties of the coronavirus pandemic, according to rural agents in the region.

As lockdown restrictions are eased, Kivells Farm Department said it has seen well over 1,100 acres of farms and land launched to the market over the last month, with collective guide prices in excess of £12 million.

The company has also seen sales conclude of some 600 acres worth of farms, with a cumulative guide price in excess of £8 million.

Thomas Rattray, head of farms and one of the directors at Kivells, said the figures show that, ironically, the 2020 year is proving to be one of the busiest “for some years”.

With no sole reason for the activity spike, he added: “The recent launches of farms show no mass exodus from the industry, nor panic to market conditions (or future projections), with each vendor having their reason for selling, and with no desperation resulting in each farm launching to the market. We consider the busy spell perhaps undertaking six months’ worth of work in two months.”

What is evident, however, is that demand continues to be “very strong” in the South West for farms and land.

Mr Rattray explained: “Perhaps due to its relatively steady performance both in terms of asset value retention and investment yield at a time when other investments have crashed, perhaps because agriculture remains a very tax-efficient asset class, perhaps because agriculture has continued to perform (and indeed be widely recognised) throughout the Covid-19 pandemic crisis, and perhaps it is simply the ageold adage “they just don’t make any more!”

Sales have also been prevalent throughout the end of immediate lockdown, Mr Rattray said, with multiple completions having taken place, including the largest of Kivells’ pre-coronavirus farms offered to the market – Helland Barton Farm near Bodmin.

This 421-acre farm, with a fivebedroom farmhouse and pair of let cottages has been managed as an arable unit for many years by the vendor. Interest came from across the country but the farm found a local buyer.

Mr Rattray added: “Guided at £4.75 million, the sale of Helland Barton Farm represents the end of our client’s long farming dynasty in the district, and having been delighted to handle the sale of the farm and thereon successfully find a buyer in testing market conditions, we wish our vendor well with their well-earned retirement!”