Lady Day sees big rent rise
RENTS increased by 17.8% at Lady Day this year – double the rise of the 1994 equivalent and higher than last years Michaelmas increase of 13.4%.
The figures come from Strutt & Parkers Lady Day rent review survey, covering 147 farms with a rent roll of over £1m.
The increase was also twice the rate of inflation for the three-year period to April 1995, which was 7.9%. In the late 80s rents were in line with or below inflation, says Strutt & Parkers Patrick Beddows.
Lady Day is traditionally the review date for livestock areas. Most farms reviewed in the survey were stock units, showing an average increase of 16.3% (see graph).
"Rents continue to increase reflecting the income that can currently be achieved from farming, with rents on land let on short-term tenancies often about £100/acre," says Mr Beddows.