Farmland in your area 2024: Yorkshire and Humber

Private sales dominated in the Yorkshire and Humber region in 2024, with some agents reporting that more than two-thirds of transactions took place off the open market, many to cash buyers.

At Brown & Co’s Humber office, 72% of the total acres sold involved properties changing hands without being advertised on the open market.

These included several farms extending to more than 500 acres in East Yorkshire, South Yorkshire and North Lincolnshire, selling at £9,500-£17,000/acre, depending on location.

Cundalls also reports selling a “considerable” volume of land privately at very strong values, many during the run-up to the Autumn Budget.

See also: Farmland in your area 2024: North-west England

James Walton, Brown & Co

The 2024 trading year for the Yorkshire and Humber region has seen a very similar volume of land traded as in 2023, mirroring the national trend.

Land for sale on the open market has sold well, while a 57-acre block in the Driffield area sold in a very competitive off-market tender process for more than £16,000/acre.

The sale of this block and others reflects how the market can vary between local parishes.

The most significant influencer has been the change in government and the Autumn Budget.

The Budget was a call to action, and it was refreshing to see that deals can legally transact within four to six weeks when both buyer and seller take a pragmatic view about issues that normally cause lengthy and tedious delays.

For 2025, we would not be surprised to see fewer farms offered to the open market until the finer details of the Budget are known, and professional advisors have had the opportunity to advise sellers and buyers accordingly.

Tom Watson, Cundalls

Farms and land parcels have sold very well, with competitive bidding and plentiful offers in most circumstances.

The biggest talking point is the impact of Labour’s Autumn Budget and the changes to inheritance tax (IHT) relief.

It is too early to assess the impact on the land market, and it will be interesting to see where my thoughts are this time next year.

However, to put my neck on the line, I don’t foresee the drop in land prices predicted by some commentators.

There are many reasons: land is a finite resource, and there will be more land sold for development and large-scale renewable projects.

Such sellers will want to ‘rollover’ and invest their funds into land.

Also, the removal of IHT relief on pensions will, in my opinion, mean that those with up to £1m of funds may see agricultural assets as a tax-efficient investment.

Overall, Labour’s Budget won’t, in my view, deter non-farmer buyers.

It may actually increase them for properties under £1m, and this will have a negative impact on genuine farmer buyers.

Sold

Cowlam, Driffield © Brown and Co

A 112-acre field of Grade 2 productive arable land in the heart of the Yorkshire Wolds, at Cowlam, Driffield, was sold very close to its guide price of £12,500/acre by Brown & Co.

The area is renowned for its high yielding, free draining and easily workable soils.

The land is a combination of chalk and limestone, very typical of the area, and has been subdivided for cropping purposes.

For sale

Buckton, East Yorkshire © Cundall’s

A 230-acre block of free-draining arable land at Buckton, East Yorkshire, has just been launched by Cundalls.

The parcel of land with Grade 3 soils, suitable for growing cereals and root crops, has a guide price of £2m.

It is off-lying land thart the vendor is selling to invest elsewhere.

Sold

Wydale Estate, near Scarborough © Cundall’s

Wydale Estate, near Scarborough, came to the market as a probate sale and was sold in the spring by Cundalls at the £3.5m guide to a farmer with sporting interests.

The compact agricultural and sporting estate has 275 acres of arable, grassland and woodland, sporting rights over 989 acres, and farm buildings.

As well as a five-bedroom farmhouse the property has a two-bedroom cottage.