Auctioneer Cheffins saw a 40% rise in sales of second-hand farm machinery at this month’s event compared with 12-months ago.

The firm’s Cambridgeshire sale ground recorded sales of £3.5m, up from £2.5m in November 2015 as farmer interest in second-hand kit rises.

The slump in the pound has also revived the used-machinery export market, in turn tempting farmers looking to upgrade machinery to capitalise on the better prices created by a booming export trade.

See also: Tractor registrations decline but more farmers buying big

With the latest Agricultural Engineers Association figures showing new tractor registrations larger than 50hp down by almost 5% so far this year, the number of trade-in tractors available has also fallen.

The 19.85% slump in the value of the pound against the euro to just £1.13 (at close 9 November) in the last year has brought back buyers from the continent who have been absent for the past two years.

As well as the usual trade from The Republic of Ireland, Middle East and North Africa, there was a large contingent of buyers from eurozone countries as well as Eastern Europe.

EU trade up

“The noticeable increase in EU trade has been really surprising,” said Cheffins director and auctioneer, Bill Pepper.

“We’re currently running at about 50% exports, but a reduction in stock and the drop in trade-ins means UK dealers are returning to the domestic market.

UK buyers bought very strongly this month, outbidding EU competition and picking up some of the most expensive machines Bill Pepper, Cheffins

“UK buyers bought very strongly this month, outbidding EU competition and picking up some of the most expensive machines.

“Now is a good time to sell machinery and take advantage of the improving prices and abundance of buyers from the UK and Europe.

“But anybody thinking of buying should be wary of this demand which is really pushing up prices.”