Land market: East of England

Whole farm and bare land sales in the east of England were at one of their highest ever volumes in 2024, and the majority of sales were to farmers.

By the end of October, 20,700 acres had been publicly marketed in the region, although Norfolk was an exception, with less land available.

Increased pressure on farm business profitability is given as one reason for that high level of activity, but there have been few forced sales.

Agents active in the region say the majority of sales were the result of farmers restructuring their businesses or planning according to their strengths.

See also: Farmland in your area 2024: East Midlands

Will Hargreaves, Savills

2024 was a busy year for transactions in the east of England, with some pockets seeing a very high number of sales.

In the Framlington area, eight units were offered for sale in a two-week period, all sizeable farms.

There is a degree to which the market can become saturated in such a situation.

Buyer interest has come largely from farmers, especially those with neighbouring land.

Most land sold continues to be farmed, demonstrating a disconnect between the perception that vast areas of land are being developed for housing or solar energy.

Sales are taking longer to complete as the legal process becomes ever more protracted.

The government is putting huge pressure on farm profitability and this will push some farmers to sell in 2025 while values are strong, a trend we are already seeing.

The National Planning Policy Framework released in December 2024, which supports the Labour government’s housebuilding drive, will be a market disruptor.

The ability to roll over capital gains from sale proceeds was unchanged in the Autumn Budget, so sellers of blocks of land eligible for development are likely to want to roll the proceeds into more farmland, which would create a different stream of buyers.

There will be some sales as a result of inheritance tax planning and proposed changes to allowances but I don’t foresee a rush to the market.

Tim Fagan, Strutt & Parker

The impact of the Autumn Budget’s inheritance tax (IHT) changes on the farmland market is a huge topic of discussion in the east of England.

The changes have created some uncertainty, but so far we haven’t seen deals falling through because of it.

Land sales are continuing, and there’s still strong interest in what’s currently on the market.

One aim of the IHT changes is to discourage non-farmers from buying farmland purely for its tax benefits.

However, in our experience, non-farming buyers in the east of England are motivated by all sorts of reasons. 

Land values across the region are holding steady, but average prices achieved hide some big variations – arable land in sought-after areas can fetch more than £13,000/acre.

We’re still seeing strong demand in some areas, especially for high-quality arable land that’s well located for irrigation or close to successful rural businesses. However, in regions dominated by farmer buyers, such as parts of Norfolk, there’s a more cautious approach.

Farmers are understandably careful with decisions, given their reliance on the income the land can generate.

It’s too early to say exactly how supply might be affected by IHT changes, but there has already been more land brought to market.

While there are challenges ahead, demand in key areas remains strong, and the market continues to offer opportunities for both buyers and sellers.

On the market – Suffolk

Rookwood Hall at Stanningfield, Suffolk, is on the market for £5.25m.

The property, marketed through Savills, has 265 acres of Grade 2 and 3 farmland and a range of modern farm buildings including machinery and arable inputs storage.

A five-bedroom house is set in open parkland and has an indoor swimming pool.

On the market – Essex

A 75-acre block of grade 2 arable land has come to the market at Wimbish, near Saffron Walden, north Essex.

The land, which is currently farmed by a contract farmer, has a three-acre reservoir and a water abstraction licence for 29,000cu m a year, which marketing agent Strutt & Parker says is sufficient to irrigate about 45 acres of potatoes.

A guide price of £750,000 has been set for the whole.

What sold well in 2024

Hall and Rectory Farms, Little Shelford, Cambridgeshire, was on the market with 586 acres, two farmhouses and modern and traditional farm buildings.

Marketed by Savills, it had a guide price of £10m for the whole and changed hands at about this level, being bought by landowners as an investment.

Beeleigh Abbey, Maldon, Essex, a 366-acre arable and grassland farm with a Grade I listed house, cottage and farm buildings, generated a lot of interest from buyers when it was brought to the market by Strutt & Parker.

It sold in the region of its £5.45m guide price to a local buyer who was keen to enhance the property by careful management of the land and the historic house.