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Price of farmland trebles in less than a decade

The cost of farmland hit a record high during the first half of 2013, with further increases likely in the next 12 months according to the latest Royal Institution of Chartered Surveyors (RICS) rural land market survey.

The latest rise sees the price of farmland treble in less than a decade.

According to the report farmland now costs an average of £7,440 an acre, compared with £2,400 an acre in 2004.

The rise in prices is down primarily to increasing demand from investors as well as from commercial farmers seeking to expand their operations.

The most expensive place to farm in the UK is north-west England with land prices here rising by 35% in the last six months alone.

According to the report purchasers are favouring large, top-quality neighbouring plots with good grazing/mowing and arable land and as small a residential component as possible.

While the high values of bare land presents an opportunity for smaller scale farmers struggling with the rising costs of fuel and food it’s not all good news for the agricultural community with smaller plots of lower soil quality  achieving a much lower price per acre.

With many less well equipped farms having to work hard to achieve the best possible sale price,  if you are looking to sell your agricultural land it is important to secure specialist legal advice to make sure that should an offer be made, all aspects of the sale are covered and any potential pitfalls resolved before they become a problem.

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