Land price boom
PUBLISHED: 13:56 02 March 2007 | UPDATED: 22:37 28 May 2010
LAND values in the Fens have rocketed in the past year, with agricultural land now rarely changing hands for less than £4,000 an acre. Brown & Co, one of the region s leading land agents, says values in the Fens, and in Norfolk, have risen by between 10 a
LAND values in the Fens have rocketed in the past year, with agricultural land now rarely changing hands for less than £4,000 an acre.
Brown & Co, one of the region's leading land agents, says values in the Fens, and in Norfolk, have risen by between 10 and 25 per cent in the past 12 months.
Jim Major, of Brown and Co, said: "These are interesting times The outlook for UK agriculture is more positive.
"As a result farmers are refocusing on their businesses and looking to trade land. The price rises are a direct result of demand outstripping supply. There has not been a great deal of land coming on to the open market in this region and some has been privately traded."
As well as local buyers looking to expand their operations, he said Brown & Co was seeing plenty of interest from Danish and Irish buyers.
"Land in Ireland is two to three times more than in this region," said Mr Major. "In Denmark it is a similar story and Danish farmers see themselves as faced with even greater regulation than here in the UK."
Looking to the future he says prices are difficult to forecast but "the good news is that there are clear signs that the next generation of farmers is beginning to mould the industry and take it forward.
"As things stand the land market is very competitive, however for those looking to borrow the interest rates are pretty favourable.
"Having had a couple of better years, confidence in the industry is growing - let's hope it continues with another good harvest this year.