Land market in your area 2024: Scotland
The combined forces of a wet spring and high borrowing costs deterred activity by commercial farmers in the Scottish land market in 2024.
Sales that did go ahead were driven principally by expansion, with investment and relocation playing big roles too, agents report.
Limited supply drove prices up in eastern Scotland where farms and land were quickly snapped up by well-funded buyers.
Greater caution in the forestry market influenced buyer interest in upland regions, which saw sluggish sales of land that would in past years have had buyer appeal for woodland creation.
See also: Mineral rights – what farmers need to know
Land value 2024
- £6,000 Average price paid for arable landÂ
- £12,300 Highest price paid for arable landÂ
- £3,500 Average price paid for pasture landÂ
- £5,000 Highest price paid for pasture landÂ
Land offered
- 26,200 Acres advertised in 2023
- 32,600 Acres advertised in 2024
- 85Â Farms launched in 2023
- 105 Farms launched in 2024
Source: Regional pricing data supplied by Strutt & Parker and is opinion-based from regional agents. Data for 2024 excludes blocks smaller than 100 acres.
Luke French, head of rural agency for Scotland, Savills
The Scottish farmland market in 2024 was quieter than in previous years.
Despite more land being available, it was a subdued market overall.
The general election, the Budget, and uncertainty about support payments from the Scottish government made many sellers hesitant.
Only the determined went ahead with sales, with retirement being the main reason, followed by restructuring, death, and debt.
Buyer activity was also affected. Those with rollover funds were still active, although the number of farms bought with these funds has declined by 24% since 2022.
Land values varied widely according to local demand; there were examples of bare Class 3.1 land sold at £8,500/acre and at £12,000/acre within a 10-mile radius.
Looking ahead, if the inheritance tax reforms go through unchanged, most family farms will need detailed tax planning.
The initial sentiment suggests many farmers will be taking stock in 2025, potentially leading to reduced supply and values remaining largely unchanged.
Well-equipped and maintained holdings in desirable locations will continue to sell well.
Duncan Barrie, partner, Galbraith
Productive arable land and mixed farming units continue to perform well, driven by demand from both existing agricultural businesses and non-farming interests.
The market for bare planting land and hill ground for forestry has stabilised after intense activity 18-24 months ago.
However, some investment funds returned to the market in the latter half of 2024.
Lifestyle buyers remain very active for smaller-scale landholdings, but equally there are some well-funded amenity buyers willing to acquire larger units of 300 acres or more.
Land prices for hill ground and marginal pasture have varied over the past year, ranging from £1,000/acre to more than £4,000/acre.
Growing scrutiny placed on conservation and wildlife designations, soil structure and access for planting and harvesting are key factors.
Areas of productive secondary arable and good silage ground have reached more than £7,000/acre, with parts of the east coast – including Angus, East Lothian, and Fife – continuing to see sale prices well in excess of £12,000/acre.
However, prices can vary significantly even within the same parish, depending on specific factors connected to each unit.
On the market
Old Mill © Savills
Savills has launched Old Mill at Strichen, Aberdeenshire.
The mixed farm has 255 acres of arable and pasture land and 86 acres of woodland, two farmhouses, and modern farm buildings.
Offers of more than £1.99m are sought for the whole, or it is available in up to three lots.
Penston Farm © Galbraith
Penston Farm in East Lothian, is 616 acres incorporating a large block of productive Class 2 and 3.1 arable land and an area zoned in the local development plan for employment use.
Guided at £8.175m by Galbraith, the property has a farmhouse, cottages, and farm buildings.
What sold well in 2024
Cairnton Farm © Savills
An investment buyer paid more than the £3.9m asking price for Cairnton Farm, a 455-acre prime arable farm at Laurencekirk, Aberdeenshire.
The farm, marketed by Savills, has a four-bedroom farmhouse, four semi-detached cottages, and extensive traditional and modern farm buildings.
Woodcockdale Farm © Galbraith
Woodcockdale Farm, West Lothian, sold in lots to a mix of non-agricultural and farmer buyers.
The 645-acre holding is mostly productive arable, silage and pasture land, with an eight-bedroom farmhouse and buildings.
It was launched by Galbraith at offers above £3.595m for the whole.