Farmland Review 2021 by fishergermanllp

Farmland

REVIEW 2021

Review of 2020 Outlook for 2021 Natural capital Poultry sector

Welcome… to the latest edition of our Farmland Review 2020 may be defined as a true test of resilience for individuals, businesses and the UK economy and the most challenging year in recent history. The events of last year have shaped our everyday lives both personally and in business. Across the property markets we have seen fluctuations in transactional activity, but overall it was a very strong year in the face of challenging conditions and operating restrictions. The rural property market is no exception. We have seen some exceptional and encouraging shifts in sentiment and buyer profile. Heavily restricted supply, paired with increased demand for land, farms and estates, resulted in a remarkable year for our farm agency team. Farming businesses have contended with more than many over the last 12 months. From potential trade tariffs to uncertainty over future domestic farming policy,

businesses have been struggling to invest with confidence and forward plan as BPS income falls away. There is optimism across our industry. Public awareness has improved on the back of short-term supply chain disruption experienced during March and April 2020. Food security is firmly on the government’s agenda and the Agriculture Act has received royal assent. This must be the opportunity for the UK to support and promote sustainable agricultural practices for generations to come. In this edition Matthew Allen looks back

over the 2020 farmland market. Alex Watts comments on the Environment Bill and the importance of Biodiversity Net Gain which is creating a new market and additional income streams for many landowners. Rachel Ashworth provides a specialist view on the poultry sector with commentary on potential returns for investors, and we look ahead to the driving forces underpinning the 2021 farmland market. Richard Gadd National Country Agency Team 07966 481487 richard.gadd@fishergerman.co.uk

Exe marks the spot Fisher German has opened a new office in the South West as part of ambitious, long-term growth plans. The new office at Exeter Business Park is our first office in the region and will enable us to better service our growing customer base there, which includes clients we have been working with for 25 years. Since setting up the office, the local team has already demonstrated success in winning new business after being appointed on a local authority advisory board.

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Partner Matthew Trewartha said: “We are very pleased to launch our new office in Exeter, and after working in the area for many years we saw an opportunity to not only better service our existing clients, but also build on these foundations to expand our client base. “We have an exceptional team of experts and extensive knowledge of the local marketplace and being based here enables us to bring our national abilities to a new region.”

Associate Director Hannah Rose added: “Fisher German offers something quite different to what is currently available – we are a national firm who are very much locally based and cover all aspects of property consultancy in depth, so opening our new Exeter office is a great opportunity for the business. We’re very open to widening our network and welcome people getting in touch for a chat about what we do. We also welcome the opportunity to collaborate with other professionals in the region.”

A review of 2020

Historically low supply with pent-up buyer demand The year 2020 recorded a historically low level of supply across the farmland market, due in no small part to Covid-19 lockdown restrictions. With around 50,000 acres marketed across England we believe this to be the lowest level of supply for a number of decades, and circa 30% below 2019 supply levels. Adverse weather conditions earlier in the year followed by movement and viewing restrictions during the pandemic forced many vendors to hold off marketing campaigns. The Spring months, which usually herald a rush of farms to the market, fell drastically short of expectations as early March signalled the start of UK-wide social distancing measures. Mid to end March saw the introduction of further tightening of restrictions on movement and the farmland market, along with other property sectors, drew to a near standstill. It came as no surprise that supply of land to the open market at the end of May was circa 70% below 2019 levels with a little over 7,000 acres marketed. With the easing of lockdown measures through June and July, and with pent-up demand from hungry buyers in the market, supply improved steadily. By the end of July supply had recovered marginally, but was still down on 2019 levels by around 50%. We experienced many vendors holding back farm launches for fear of a saturated marketplace. This did not transpire, but rather created a steady stream of opportunities through August and September.

overall residential and rural transactions meant that all sales were taking longer to complete. With limited supply comes limited transactional evidence. However, farm sales agreed and concluded in 2020 reinforced a stable picture in ‘average’ values achieved. In many areas of deficient supply, we saw interest and values bolster quite dramatically post-lockdown as farms were released to the market, with limited choice of opportunities for buyers. With the strength still being maintained in the development market, rollover buyers were certainly to the fore again for the bigger farms and decent-size blocks of bare land. The lockdown measures have resulted in some interesting shifts across our rural marketplaces. Both our residential and rural agents have experienced a surge in demand for rural properties within a reasonable distance of major conurbations. The farmland market has spiked the interest of many who would otherwise have considered such properties too remote and inconvenient. There has been an unprecedent number of urban and Londonbased residents seeking a rural retreat. Not only are these buyers seeking a more rural location and lifestyle, but many are looking to the secure and tangible nature of farmland as a safer asset in which to hold capital through the uncertain economic outlook. Matthew Allen National Country Agency Team

During the Autumn months the focus turned to converting the agreed sales into sold properties, although the pressure on conveyancing solicitors due to the increase in

07810 378190 matthew.allen@fishergerman.co.uk

Purchaser profile and purchase motivation Purchaser profile: Private investor (non-farming) Farmer 45%

Institutional investor/corporate

Expansion

New entrants

10%

14% 8%

12%

Purchase motivation: Investment

40%

Developer/ strategic

24%

Lifestyle/ amenity

21%

Lifestyle/ amenity

Relocating/ downsizing

15%

Tax (rollover)

Farmland Review 2021 | 3

SOLD

Glebe Farm, Farthingstone, Northamptonshire. A 460-acre arable farm with extensive residential accommodation.

SOLD

Bilston Brook Farm, Lichfield, Staffordshire. A well-positioned and diversified residential farm with equestrian and commercial interests.

SOLD

Kirby Grounds, Oxfordshire. A secluded 137-acre residential farm with modern barn conversion.

SOLD

Land at Amersham, Buckinghamshire. 100 acres of attractive arable land with amenity appeal.

PART SOLD

Staple Farm, Bromsgrove, Worcestershire. A 110-acre mixed farm in a strategic location.

SOLD

Land at Widdrington, Northumberland. A 1,442-acre portfolio of arable, amenity and woodland holdings.

SALE AGREED

King Stone Farm, Oxfordshire. A 124-acre ring-fenced residential farm in a stunning location.

Mill Farm, Ashorne, Warwickshire. A 128-acre ring-fenced equestrian holding with substantial residential accommodation.

SOLD

Land at Barnby, Nottinghamshire. 450 acres of productive arable land.

SOLD

Manston Farms Portfolio, Dorset. A 704-acre investment portfolio of let farms.

SOLD

Roadnook Farm, Wessington, Derbyshire. A 124-acre equipped mixed farm with development opportunities.

SOLD

Leather Bottle Farm, Fulbeck, Lincolnshire. Broiler farm with redevelopment opportunities and a traditional farmhouse.

A small selection of 2020 farm sales If you would like to learn more about these sales or the transactions taking place in your area please call us for a market update. 4 | fishergerman.co.uk

Machinery values hold firm Despite the significant challenges that the agricultural industry faced during 2020, we at Fisher German continued to demonstrate our success at delivering the very best results for our clients who chose to dispose of their farm machinery and equipment by way of an onsite auction. Covid-19 put an immediate stop to onsite auctions for the first half of 2020, forcing auctioneers to resort to online timed auctions as an effective means of disposing of machinery. It was not until September, with the easing of government lockdown restrictions, that we held our first auction in Worksop, Nottinghamshire. The auction at Manor Farm attracted a significant number of genuine buyers, with some attending in person and others taking advantage of the online bidding facility. The broad offering of arable, irrigation and grassland equipment attracted farmers and trade buyers as well as overseas buyers. Strong prices were achieved on the day, with total sales significantly exceeding the client’s expectations. The auction was held on behalf of Fisher German client Robert Bower. He said: “My grandfather moved in 1938 to the farm that I have now retired from, so it was not an easy thing to do, but Fisher German made the whole auction process to sell

the equipment and machinery a pleasure from start to finish. They were fantastic, and I cannot praise them enough. Their professionalism shone through at every stage, and the auction went incredibly smoothly. I was extremely happy with the results achieved on the day – it was much better than I expected thanks to Fisher German’s management of the auction.” Our second onsite auction was held shortly afterwards, arising from a change in farm policy on a rural estate near Tewkesbury, Gloucestershire. The range of premium brands attracted determined buyers, paying top prices. The high sale prices achieved on the day of the auction were a credit to the client and their farm manager who had maintained their equipment impeccably. The successful delivery of both auctions was dependent on a number of safety measures being implemented, including social distancing, handwash and hand sanitising stations, designated queueing areas, plastic screens and the encouragement of card payments. For those who chose not to attend in person, our online bidding facility ensured that we were still able to achieve excellent attendance figures which mirrored those of auction events pre-Covid-19.

The auctions held during 2020 continued to demonstrate that despite the uncertain climate, there was still a strong market for second-hand machinery sold at auction. Moving into 2021 and despite the unwelcome news of starting the year in a third national lockdown, we do not expect the strength of the second-hand machinery market to weaken, particularly as the prices of new tractors and equipment continue to rise and with ongoing demand from European buyers. In the short term, auctioneers will again have to rely on online timed auctions, a means of purchase that both farmers and dealers have become well accustomed to. If you have farm machinery that you wish to dispose of, or machinery to be valued, please contact Jack Healy, who will be delighted to advise you on your options.

Jack Healy Associate Director 07551 152689 jack.healy@fishergerman.co.uk

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Natural Capital The significant impact that climate change will have on all our lives is leading to a fundamental reassessment of how natural resources are viewed and managed. While the concept of Natural Capital has been around since 2012, it has only relatively recently gained more widespread attention. Major pieces of legislation, including new Environment and Agriculture Bills, are expected to become law in 2021 and these are likely to set clear markers for both habitat protection and carbon reduction.

The Environment Bill in particular looks set to introduce a new requirement for Biodiversity Net Gain delivered through the planning system, which represents a major change to the way development is managed and potentially has far wider implications for the management of land in the UK. Biodiversity Net Gain is an approach to development that leaves biodiversity in a measurably better state than before the development took place. The Environment Bill proposes all new development to deliver a 10% Biodiversity Net Gain; a developer will need to show not just how they will retain natural habitat, but also provide an overall increase in natural habitat and ecological features. The requirement for Biodiversity Net Gain is expected to drive a new market for biodiversity offsetting, i.e. creation or enhancement of habitats to replace those lost during development in order to deliver the required net gain. This is expected to provide opportunities for landowners to derive new income streams for provision of land for habitat creation or enhancement as a means of biodiversity offsetting through long-term (30 years minimum) management agreements. As well as Biodiversity Net Gain, Fisher German are also actively engaged with the UK’s goal to achieve their net zero target. While the agricultural industry has often taken the brunt of negative press on climate change, agriculture has the ability to be part of the solution to this problem; as land managers and owners, your future practices can influence this greatly.

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Greenhouse gas (GHG) emissions that result in climate change include carbon dioxide (CO2), nitrous oxide (N2O) and methane (CH4) – of which agriculture produces 10% of the UK’s total GHG emissions. UK farms have the ability to reduce their emissions but also capture CO2 from the atmosphere. To measure this in a farming business and benchmark against others, a carbon audit is the place to start. Understanding a business’s carbon footprint is likely to become increasingly important as climate change policies mean that the food supply chain has to pay more attention to it and work to improve their own footprint. It is also a good way of understanding the business’s energy use and costs, thereby identifying ways to use resources more efficiently. This year Fisher German will be introducing a new brokerage system to connect individuals and companies/developers looking for sites to locate an offset, whether that be for biodiversity, carbon or other schemes such as renewables. We are excited to launch this new venture in 2021 and work with both existing and new clients to show them how additional income streams can be derived.

Alex Watts Surveyor 07584 707294 alex.watts@fishergerman.co.uk

Robert Knight

Focus on West Midlands The West Midlands Farm Agency team has transacted close to 1,500 acres of farmland during 2020 despite the Covid-19 restrictions. Several sales and acquisitions were in motion when the first lockdown commenced but we saw next to no fallout or price reductions regardless of the uncertain times ahead. Buyer confidence remained high with most taking a longer-term view and taking advantage of historically low interest rates. Private sale transactions formed a significant proportion of our work during the year for a number of retained clients across the region. With coverage from the Worcester, Stafford, Birmingham and Hereford offices we are now exceptionally well placed to deliver farm agency advice across the West Midlands. Our marketplace mirrored that of most other regions in 2020. Demand for better quality ring-fenced arable holdings continued and strengthened. We saw some exceptional prices paid for well managed grassland farms, with poorer holdings struggling to find buyers when priced inappropriately. More productive, high quality land is achieving upwards of £12,000/ acre across many parts of the West Midlands, yet the lesser quality land is often labouring to reach over £7,500/acre as buyers strive for greater levels of profitability and flexibility. Those holdings with secure alternative income streams were highly sought after and we expect this trend to continue through 2021. The buyer profile remains consistent across the region with farmers presenting the most interest followed by lifestyle buyers and non-farming investors. Buyers were predominantly led by

rollover funds with some exceptional prices recorded. Lifestyle buyers continued to increase in number with interest directed towards smaller residential farms, more notably in the south of the region. The principal vendors in 2020 were again farmers, many of whom were looking to reinvest funds into non-agricultural ventures or reduce debt levels, and with a good many retiring from farming. 2020 saw a number of standout sales across our region. Bilston Brook Farm in Staffordshire gained significant interest from local, regional and national buyers. The 60-acre farm presented a highly diversified mix of residential accommodation, commercial and equestrian operations. Investment buyers saw significant value in the multiple income streams established across the farm including caravan storage, liveries and a wedding reception venue. Located close to the Cathedral City of Lichfield the farm drew a wide range of interest from lifestyle and amenity buyers to commercial investors, hospitality and event operators and farmers. A fantastic example of the demand seen for diversified farms with non-agricultural income streams. Further south we completed the sale of Staple Farm near Bromsgrove in Worcestershire. The 110-acre mixed arable and grassland farm included a farmhouse in need of renovation and a range of traditional and modern farm buildings. The farm occupied a strategic location being in close proximity to the M42, M5 and A38 road network, in addition to adjoining the established settlement of Marlbrook.

Staffordshire

Shropshire West Midlands Worcestershire Warwickshire Herefordshire

Further sales of bare land have returned impressive results, some exceptionally high where progressive neighbouring farmers competed to secure what would likely be their only opportunity to secure adjoining land. We still have a number of buyers looking for fully equipped holdings, and where farms have been maintained and are presented well with good soils they are producing some surprisingly positive results. We have a great mix of farming enterprises across our region, from some of the most exceptional fruit farms and orchards to highly productive commercial arable farms. As such, the marketplace is diverse and offers a variety of opportunities for livestock farmers, fruit growers, arable operators and mixed enterprises. We are advising on some exciting sales for 2021.

Tom Pike Associate Director 07837 292776 tom.pike@fishergerman.co.uk

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Poultry is the game… Poultry meat and eggs are the most eaten proteins in the world and the British poultry industry contributes £4.6 billion to the UK economy each year. The poultry sector of farming generally produces much higher returns on investment (ROI) than are typically seen in the agricultural sector, albeit with associated levels of risk. ROI on newly built or good, modern broiler units are generally between 8-10% whilst ROI from a new egg unit is likely to be between 6-8%. The recent political and economic uncertainty has created some downward pressure on agricultural values. As a consequence, some farming businesses have looked at alternative higher-yielding enterprises to create a more balanced income stream that is less reliant on commodity crop prices and European subsidies. Fisher German has recently dealt with the sale and leaseback of a broiler unit with planning consent for redevelopment in Lincolnshire, and it is anticipated the purchaser will see a 10% ROI from this project. The broiler sector tends to be the most publicised of the industry and there has been considerable investment into developing broiler chicken farms. These new units tend to be highly efficient, technologically advanced farms, often incorporating some form of renewable energy installation. The broiler chicken sector of the industry is effectively controlled by a

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small number of large integrated producer/ processors, with independent growers producing for those integrators. Although broiler units predominate there are other options available for those looking to enter the industry, such as the production of pullets or free-range egg production. The UK egg sector, and in particular the freerange sector, is seeing an issue of oversupply with production going up by around 10% and demand increasing by around 4%. This has led to falling egg prices which have been coupled with increased costs of production and increased welfare standards. More recently, over the past six months or so there has been some improvement in the sector due in part to the UK Covid-19 lockdown creating a surge in demand for eggs for use in baking and home cooking.

100% self-sufficient The UK is almost 100% self-sufficient in fresh supermarket-sold chicken; however, approximately 75% of the sector’s total export trade is to the EU and was worth around £192 million in 2019. The recent announcement that a trade deal has been reached with the European Union is largely positive for the poultry sector, with tariff-free access for some products, albeit others will not be able to be exported at all. Frozen poultry mince, chilled

poultry mince, separated poultry meat and ungraded eggs will not be exportable to the EU, DEFRA has confirmed. The UK has some of the highest welfare standards in the world for poultry meat and egg production and there is a continued drive to improve animal welfare across the industry. There are concerns that the UK will be exposed to cheaper, lowerwelfare imports from countries outside of Europe such as the USA, China, and Brazil whilst still being bound by the EU healthtesting requirements. The UK poultry industry faces challenges ahead and there are concerns over rising costs, oversupply issues and political uncertainty; it is likely that continued investment in the industry to improve technology and increase sustainability will be key to success. As one of the leading agricultural consulting firms, Fisher German offers a high level of technical and practical experience, as well as strategic vision to advise in the national poultry farming sector.

Rachel Ashworth Senior Associate 07855 077152 rachel.ashworth@fishergerman.co.uk

Online auctions – pioneering the way

Fisher German has always been a pioneer when it comes to advising our clients on new ways to sell assets. We introduced the online auction platform a few years ago to be an early adopter of this new technology, and the events of 2020 have proven its value immensely with a significant acceleration in the number of clients choosing to sell by online auction. Whether it be a residential property, a parcel of land or redundant building, the online auction can be an ideal way to dispose of an asset in a quick and transparent way. For public bodies or charitable institutions, this transparency is key to demonstrating that best value has been achieved. As lawyers are weighed down with excessive workloads, sales agreed under the more traditional Private Treaty route are typically taking upwards of three months to go through; the attraction of the online auction is that when the timer runs out and all bidding has been concluded, that is the legally binding exchange of contracts. So, for many clients, the ability to achieve a timely sale is a significant attraction. During 2020, markets were shaken by the Covid-19 pandemic causing them to grind

to a near halt in March when a lockdown was implemented by the government to try to control the spread of the virus. Under the traditional auction method, sales are conducted in a venue local to the property. Any physical auction would have had to be cancelled; however, using the online auction platform, Fisher German successfully concluded a number of sales during lockdown with competitive bidding from buyers making offers on a computer from the comfort and safety of their homes.

Spectacular sales We have seen some spectacular sales online this year, on average 23% above the asking price, and an increase in registrations for our platform up 20% on the previous year. While residential sales on the platform have continued to be strong, we have seen an increase this year in successful commercial and development sales of both built-on and in particular surplus land parcels, attracting a much wider demographic of bidders from around the UK than offline auctions are often able to achieve. It can be tempting

to sell land to a neighbour because it is an easy solution; however, as recent sales have demonstrated, where a client may know of one interest they may not know of others. Equally, if a landowner feels unable to decide between a number of interested parties, an online auction to let them battle it out is often the best solution. One recent online auction saw two local parties go head to head to secure land adjoining them near Retford; the final price secured was 4.5 times the guide and represented nearly £30,000 per acre for a parcel of 6.7 acres of amenity land. If you are interested in learning more about our online auctions, do contact Tom Dennes, Associate Director and national lead for online auctions at Fisher German.

Tom Dennes Associate Director 07587 033061 tom.dennes@fishergerman.co.uk

Robert Farmland Review Knight2021 | 9

Our predictions for the year ahead: • Stronger focus on opportunities for carbon offset • Overall increase in supply of land to the market • Greater demand for residential farms and amenity farmland • Greater non-farming interest in land for investment and diversification purposes • Increase in demand and values for land suitable for woodland • Continued demand for strategic and well-diversified holdings • Increasing off-market activity

Looking ahead – the land market

Early evidence indicates a more fluid marketplace through 2021 Notwithstanding the further tightening of Covid-19 restrictions from early January, we do anticipate a more buoyant marketplace this year. Early discussions with vendors have led to an increase in land and farm sale instructions compared to this time last year. As farmers look ahead to declining BPS payments, some are taking the early decision to exit the industry whilst supply remains historically low. Others are bringing retirement plans forward whilst cash flow remains largely unaffected and where they can take advantage of Business Asset Disposal Relief. Conversely, many farmers are now seeking additional land and farms with bolstered confidence following the UK/EU trade deal agreement. Whilst the detail and precise trade requirements are yet to be settled, there is no doubt that our agricultural industry can now look forward to a prosperous and relatively frictionless relationship with the EU. In order to provide a balanced view on supply and demand across the farmland market this

2021 market – Farm/land value predictions by farm type Arable (0% to +2%) Livestock (0% to -2%) Mixed (0% to -2%) Dairy (0% to -2%) Lifestyle/amenity (0% to +10%) Estates/sporting (0% to +2%) Woodland/forestry (0% to +10%)

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year we must consider a number of potential regulatory, taxation and economic factors: 1. Basic Payment reduction. Value is largely driven by income and whilst the reduction in BPS payments from 2021 will push some to consider disposals, it is also likely to suppress short-term demand from non-farming investors. 2. Agriculture Act and Agricultural Transition Plan. As clarity forms around our future farming policy we expect a significant upturn in confidence across the industry. Sustainable farming practices and environmental benefits will be key and we expect significant detail to emerge through 2021 and 2022. 3. UK/EU trade deal. Overall a significant confidence booster for the UK agricultural sector, but not without some expected shortterm disruption. We may see a short downturn in demand from a small percentage of buyers whilst any teething issues are resolved. 4. Spring Budget. Any major changes to current capital taxation levels or the introduction of a wealth tax would likely see some immediate effect on demand. 5. Business Property Relief (BPR). Any reform to the BPR trading test would need to be considered on a business-by-business case, especially for heavily diversified estates with non-trading income. 6. Interest rates. We do not foresee any major fluctuations in the Bank of England Base Rate. Greater and more attractive lending options will continue to underpin demand. 2020 saw the lowest supply of farmland to the market in known history. Looking ahead we expect supply to increase steadily as buyers reignite interest following a period of uncertainty. The same certainty will provide vendors with a more stable environment in which to market farms and estates.

Demand is expected to increase through 2021 with a substantial market for carbon investment and offsetting opportunities. Existing forestry and suitable land for new plantations will increase rapidly as more corporate and private clients demand access to the carbon markets. This will increase demand for poorer, less productive land holdings. Lifestyle and amenity buyers will continue to drive demand for smaller residential farms and bare land opportunities. Larger-scale commercial farming businesses and those buyers with rollover funds will continue to play an important role in the buying market, subject to any significant capital taxation changes. Quality, scale and location will continue to dictate values for farmland and, where rollover buyers and amenity or lifestyle purchasers are active, values should remain strong. We anticipate little movement in average values through 2021 and into 2022, albeit with great disparity between the strongest and weakest values achieved. Understanding your target market and knowing your buyers will be ever more important in an increasingly competitive market. Most of our farm and land sales are to purchasers known to us, buyers we have been cultivating for a while as the strongest prospects. This market knowledge is going to be ever more valuable to our clients as the market gets back to normality

Richard Gadd National Country Agency Team 07966 481487 richard.gadd@fishergerman.co.uk

Your key contacts: Stuart Flint

Richard Gadd

National Country Agency Team

07501 720422

07966 481487

stuart.flint@fishergerman.co.uk

richard.gadd@fishergerman.co.uk

Ben Longstaff

Alasdair Dunne

Ashby de la Zouch

National Country Agency Team

07917 064657

07501 720412

ben.longstaff@fishergerman.co.uk

alasdair.dunne@fishergerman.co.uk

Molly Dickson

Matthew Allen

Bedford

Banbury

07741 264143

07810 378190

molly.dickson@fishergerman.co.uk

matthew.allen@fishergerman.co.uk

Nicola Hopkins

Edward Clark

Hereford

Chester

07584 705003

07718 524819

nicola.hopkins@fishergerman.co.uk

edward.clark@fishergerman.co.uk

Daniel Hayhurst

Thomas Parker

Knutsford

Doncaster

07810 378187

07738 981255

daniel.hayhurst@fishergerman.co.uk

thomas.parker@fishergerman.co.uk

Robert Browne

William Green

Stafford

Market Harborough

07501 720418

07855 128817

robert.browne@fishergerman.co.uk

william.green@fishergerman.co.uk

Matthew Barker

Rachel Ashworth

Worcester

Newark

07788 412186

07855 077152

matthew.barker@fishergerman.co.uk

rachel.ashworth@fishergerman.co.uk

Robert Hurst

Tom Dennes

Lincolnshire

Thame

07501 720419

07587 033061

robert.hurst@fishergerman.co.uk

tom.dennes@fishergerman.co.uk

Farmland Review 2021 | 11

Ashby de la Zouch

Banbury

Bedford

Birmingham

Canterbury

Chester

Cwmbran

Doncaster

Exeter

Glasgow

Head Office

Hereford

High Wycombe

Hungerford

Knutsford

London

Market Harborough

Newark

Office Network

21 22

15 6

1 11 17

4 26 12

Newcastle

Richmond

7 14

Rossendale

Rotherham

Stafford

Southampton

Thame

Worcester

16 5

24 9

Residential and Rural Estate Agency

Farmland Review is intended to be an informative guide. It should not be relied on as giving all the advice needed to make decisions. Fisher German LLP has tried to ensure accuracy and cannot accept liability for any errors, fact or opinion. February 2021.