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Arable land prices reach record high
UK farmland prices surged at the fastest pace in the Royal Institute of Chartered Surveyors’ (RICS) rural market survey’s history during the first half of 2008 but lifestyle buyers retreated.
The farmland market jumped forward, with the average price rising by 24 per cent (the fastest pace in the survey’s history) from £10,439 to £12,965 in the first half of 2008 and by 47 per cent year on year.
Arable land rose by 32 per cent to £14,453 from £10,439 and pasture land rose by 16 per cent to £11477 from £9929.
The number of farmland sales surged by 50 per cent year on year and farmland availability picked up by in both the residential and non-residential sectors. Rising costs in food and commodity prices have pushed input prices upwards resulting in marginal farms becoming unprofitable.
RICS spokesperson, Julian Sayers said: “Ever rising commodity prices have pushed the price of farmland to record highs as farmers and investors compete for arable land.”
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