At its November auction, Lincolnshire firm J H Walter found a new benchmark value for arable land that is hovering around £4500/acre.

Results at the mixed property auction, however, also showed that farmland was by far the strongest asset as many of the commercial and residential lots failed to find buyers on the day.

Redroofs Farm at Weston, near Newark, was offered in nine lots two of which sold prior and only one, a telecoms mast which is expected to sell soon, did not go under the hammer. There was "spirited bidding" on all the agricultural lots, from local farmers and investors, according to Tim Atkinson of J H Walter, with the land selling at an average of around £4500/acre. The largest lot - 29.51 acres - made £125,000, and another 20.95 acres reached £94,000.

"It was a pleasing result given the turbulent times we are in," said Mr Atkinson.

A 16-acre field at Mill Lane, Caunton, was offered in two lots to widen its appeal, but the 1.40-acre parcel designed offered as a pony paddock also found this market quiet. The larger, 13.13-acre, lies in the middle of the village and was sold to an investor for £72,000.