Land in your area 2021: North-west England
Demand for land is high in north-west England, which is supporting values. Across all land types average values have increased by 6% year-on-year, according to Savills’ data.
Demand continues to outweigh supply in the region. Marginal land has seen significant interest and this is likely to continue as the market for natural capital grows.
Private sales of land are accounting for a larger proportion of sales, which results in many properties changing hands without being listed on the open market.
The volume of land advertised for sale in north-west England increased by 25% year-on-year, to total 9,877 acres during the first 10 months of 2021.
Considerable uncertainty
At the beginning of the year, there was considerable uncertainty, with people unsure of Covid’s impact. This resulted in minimal land and farms coming to the market.
Since lockdown, anything brought to the market has been in huge demand, and the past three months’ trade and results have been the strongest I have ever seen.
Piggy-backing on residential growth and those looking to invest, farmers across the North West are seeing increased property values throughout.
Dependent upon land type and location, values for parcels of bare land have risen by anything between 10% and 30%.
Ring-fenced farms have been few and far between, and with demand far outstripping supply, prices are well in excess of those in 2019-20.
We have let several farms and blocks of land this year on a variety of tenancy lengths, and have witnessed rents tendered reaching levels never seen before.
This is being driven by confidence in the UK markets. Covid has reset the value of food, resulting in buoyant livestock prices – and there appears to be confidence for the future.
Thomas Armstrong, director, H&H Land & Estates
Low supply
The rural property market remains strong in Cumbria. Supply of quality land and productive farms remains low, while numbers of buyers remain high.
We expect this enthusiasm to carry on this autumn and through to spring. Amenity woodland and commercial forest are still very much sought after and buyers for rural property are as diverse as ever.
Davidson & Robertson has seen an increase in off market sales this year, ranging from small paddocks to large diverse rural businesses.
Sellers are looking for discretion in the sale of their property – the firm has been active working on behalf of buyers this year ranging from private clients to investment firms.
We have also seen marginal land sell for up to 50% more than the asking price this year, with smallholdings also seeing significant interest and properties regularly receiving multiple offers.
Joe Bell, surveyor, Davidson & Robertson
What sold well?
© H&H Land and Estates
Greenclose Farm, near Penruddock in Penrith, was on the market with H&H Land & Estates guided at £3.19m, with the sales agreed for well in excess of the guide price.
The 504-acre stock farm in the Lake District National Park was offered as a whole, or in six lots. Five lots were sold to the same investor.
Lot four, an eight-acre plot together with a stone barn with potential for residential development, sold to an individual.
What’s on the market?
© Davidson and Robertson
Near Seaton in Cumbria, Davidson & Robertson has launched Hillside Farm, an eight-acre smallholding for offers over £600,000.
The plot includes a four-bedroom house, a range of traditional and modern buildings including cold storage, greenhouses and a six-acre field with potential for development.