24 July 1998

Farmland averages out at £2165/acre

DURING the year Oct 1, 1996, to Sept 31, 1997 vacant possession land sales on all properties included over 6000 transactions covering 513,281 acres.

Also the average price for all sales during the period was £2165/acre according to the recently published MAFF statistics agricultural land prices in England.

Tenanted land sales included 16,467 acres averaging £1597/acre for all properties and £1826/acre for sales of land and buildings compared with £1054/acre for the previous 12 month period.

And the greatest volume of land sold was classified grade 3 with 331,122 acres traded – the aggregate figure for grades 1 and 2 was 79,482 acres and 119,045 acres for grades 4 and 5.

The average price paid reached £2548/acre for the top two land classifications and £2393/acre for grade 3, with a substantial decrease to £1162/acre for grades 4 and 5 said the report.

Most of the purchases made during the 1996-1997 period involved private individuals – 5016 transactions out of the 6177 sales recorded. Individuals represented the highest number of vendors at 5130 with other companies accounting for 650 of the total. See table.

Sales of agricultural land by type of vendor and purchaser for all properties 1996-1997

No of transactions Area acres Ave price /acre

Type of vendor

Individual 5016 381893 2144

Financial institution 131 32076 2092

Other company 502 57315 2170

Public authority 218 23222 1722

All types 6177 529748 2147

Type of purchaser

Individual 5130 372733 2124

Other company 650 104506 2174

Public authority 49 4730 1494

Other 85 9481 2130

All types 6177 529748 2147

Source: MAFF