After a slow start to the farmland market in early 2021 the second and third quarters have seen a flurry of new agricultural instructions; this is echoed by a recent study published by Farmers Weekly, which stated that almost four times more land was brought to the market in Q2 compared to quarter Q1 and double that of 2020. This indicates renewed confidence within the farming sector.
With a lack of supply over the last couple of years and a wider range of new prospective buyers looking at rural properties, there is a build-up of demand for farmland that is available to buy, and that demand is currently outstripping supply. Whilst nationally the overall average land value increased 1.7% during the last six months to £6,785 per acre, this is a national figure and it can vary tremendously on a local market, that why having local professional advice is critical to ensure that an opportunity is not missed.
The story is the same here at Armitstead Barnett. The Cumbria team has recently agreed a sale, subject to contract, of Bybeck near Tebay, a circa 60-acre smallholding with fell rights and 12,000 bird poultry unit. Our Cumbria team has also launched the 130 acre well-equipped Holme House in the sought-after village setting of Wetheral near Carlisle and is just about to launch a 200+ acre block of prime amenity land set within the Lake District National Park, benefitting from breath-taking views over Lake Windermere with good roadside access. The North Lancashire office has also been busy marketing a 110 acre farm with two houses near Longridge which swiftly went under offer and has recently agreed a sale, off market, of another livestock farm closer to Garstang, plus an array of bare land sales so there is plenty going on at the moment!
If you are interested in capitalising on the buoyant rural property market or seek assistance in the purchase of your own rural retreat, please don’t hesitate to give our experienced team a call.
Richard Furnival BSc (Hons) MRICS FAAV or Mark Barrow MRICS FAAV PGDipSurv BScHons