22 October 1998
Now land prices reflect the farming slump
FARMLAND is following cattle down in price, reports The Daily Telegraph.
Figures yet to be published by the Royal Institution of Chartered Surveyors (RICS) will show the predicted drop in land prices, the paper says.
Good arable land in England and Wales fetches an average of £2700 an acre, compared with more than £3000 in the three months up to June this year, according to the institution.
Top-quality grazing land is now selling for £2000 an acre as against £2500 just four months ago.
Land in the hills has seen the sharpest falls. Some is finding no buyers.
Anthony Mayell, rural spokesman for the RICS, said: “The problem is two-fold. The few farmers who have been willing to expand their existing holdings are now putting their plans on hold and postponing land purchases.
“We are also seeing a drop in demand from people outside agriculture who might want to buy a nice house in the country with 150 acres or so – the kind of buyer who has helped to maintain land prices up to now.”
- The Daily Telegraph 22/10/98 page 15