Farmland Review 2022 by fishergermanllp

Farmland

REVIEW 2022

Review of 2021 Outlook for 2022 The private market Natural capital markets

Welcome… to the latest edition of our Farmland Review Across the property markets we continue to see fluctuations in transactional activity. 2021 was a very strong year in the face of challenging conditions. The rural property market has led the way in activity levels and interest. We saw some exceptional and encouraging shifts in sentiment and buyer profile with more lifestyle and more non-agricultural funds entering the rural marketplace. Continued restricted supply through 2021, along with increasing demand for land, farms and estates for a variety of purposes resulted in yet another remarkable year for our farm agency team. Looking ahead, the direction and levels of support available for farming businesses are

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emerging and many will be contending with reducing subsidy payments over the coming years. Diversification opportunities, alternative income streams and automation have never been more widely discussed as businesses seek to maximise returns from existing assets. There is continued optimism across our industry. With greater environmental pressures, the need to protect and enhance our natural environment is paramount. Farmland will play a critical role in delivering many of the targets set out in the Environment Act, with carbon capture, conservation and offset opportunities gathering significant attention from a wide spectrum of investors. In this edition Matthew Allen looks back over the 2021 farmland market. Ben Longstaff provides the ‘area focus’ this year with an

overview of the East and West Midlands land market. Ed Clarke highlights the principal considerations for any vendors when selling their farm or land holding. Rachel Clipsham discusses the option of private marketing and Tom Beeley updates us on the Natural Capital markets. I hope you enjoy our Farmland Review. Please do get in touch if we can assist you in 2022. Richard Gadd National Country Agency Team 07966 481487 richard.gadd@fishergerman.co.uk

Farmland market review

Transactional activity increases with improved supply and environmental-led buyers 2021 saw a year of improved supply of farmland with an increased buyer confidence and shift in buyer profile across the country. Our early 2021 market update forecast a more buoyant marketplace during the year with more landowners taking advantage of undersupply and others moving retirement plans forward whilst cashflow remained largely unaffected. More vendors cited these reasons for sale through 2021 and we expect this trend to continue in the short term. Market activity was further driven by low interest rates, allowing those with a strong business case to fund acquisitions with greater ease. The increasing number of smaller holdings coming to the market allowed more buyers to compete at a lower price level, often encouraging more neighbouring and local buyer competition.

Buyers We continued to record significant levels of interest in farmland from a broad spectrum of buyers through 2021. Funds from both agricultural and non-agricultural sources were prevalent but often with very specific requirements. Larger-scale farming businesses and those buyers with rollover funds continued to compete aggressively within the commercial farmland market, often seeking more substantial acreage. Whilst the agricultural-based buyers remain dominant, considerable funds from nonagricultural sources are now being targeted towards those holdings with additional conservation, environmental and carbon investment opportunities as evidenced through a number of recent transactions. The strengthening interest in land for afforestation and rewilding opportunities looks likely to impact our marketplace for some time to come. Such interest was evidenced through the marketing of Strawberry Hill Farm in Bedfordshire, which was launched in the summer of 2021. Extending to about 377 acres in a ring fence, and easily accessible, the

property comprised a Grade II listed dwelling and listed farm buildings. The principal selling feature, the land, had not been actively farmed since the early 1990s when it was entered into a habitat scheme. The following 25+ years have seen an incredible diversity of habitats develop with, in our opinion, considerable opportunity for future conservation projects, ecological research and environmental protection opportunities. The depth and range of interest was astonishing with viewers visiting from across the country. 2021 saw a significant increase in interest for smaller residential farms and amenity land from lifestyle-driven buyers.

Values Values held firm through 2021 with a marginal increase in average values according to our research. Values for productive, well-equipped commercial farms increased where rollover buyers competed. Some less accessible holdings did struggle to achieve their guide prices but in many cases those expectations were above comparable values achieved in the vicinity. Values for smaller lifestyle farms rose

significantly especially where major road and rail links were within reasonable driving distance. We saw values for some poorer land holdings achieve well in excess of their guide prices as non-farming buyers sought to enter the marketplace with conservation and environmental-led motives. We started to see the previous disparity in values between the most and least productive holdings contracting. Values continued to hold firm for those farms with additional strategic or other latent value, including potential mineral extraction or residential and commercial development prospects.

Volumes Supply of land through 2021 was up slightly on the previous year albeit by a small margin. Q1 and Q2 saw an increase in supply compared to 2020, followed by a sharp decline with a much quieter market through Q3 and Q4. We have seen, and continue to experience, a greater proportion of land traded privately. Fisher German have traded a significant acreage of land over the last year off-market where vendors have required discretion and flexibility around their disposal strategies. Such transactions have generally been at the upper end of the market in respect of values.

Matthew Allen National Country Agency Team 07810 378190 matthew.allen@fishergerman.co.uk

Farmland Review 2022 | 3

A small selection of 2021 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. SOLD

Greens Norton Park, Northamptonshire A complete arable and livestock farm in a desirable rural location. In all about 473 acres.

SOLD

Bentilee Farm, Staffordshire A ring-fenced livestock farm with threestorey house and farm buildings. In all about 123 acres.

SOLD

Mill Farm, Warwickshire A well presented and private residential farm with exceptional equestrian facilities. In all about 129 acres.

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SOLD

Hall Farm, Nottinghamshire Commercial farm with a diverse range of income streams. In all about 284 acres.

SOLD

Saltersford Farm, Cheshire An attractive mixed arable and grassland farm with two farmhouses and range of farm buildings. In all about 117 acres.

SOLD

Radway Riding School, Warwickshire An attractive farm with extensive equestrian facilities and secondary accommodation. In all about 81 acres.

SSTC

Strawberry Hill Farm, Bedfordshire A ring-fenced amenity farm with significant ecological and conservation prospects. In all about 377 acres.

SOLD

Church Farm, Worcestershire A block of versatile arable land, productive vineyards and woodland. In all about 100 acres.

SSTC

Lees Hall Farm, Derbyshire A mixed farm with farmhouse, range of buildings and commercial income streams. In all about 100 acres.

Focus on East and West Midlands Land Market Operating across the breadth of the East and West Midlands, Fisher German’s regional farm agency teams have a comprehensive understanding of the farmland market and the underlying dynamics driving the current marketplace. This broad geographical coverage provides us with great opportunities to sell a wide range of farm types, including dairy and stock farms, arable holdings, smallholdings and bare land blocks. Prices continue to vary significantly across the regions for comparable blocks of land and holdings. This diverse range of farm types generates demand from a correspondingly wide range of buyers. Farmers are having to compete against greater numbers of buyers from non-farming backgrounds, whose ongoing experiences during the pandemic have driven their desire for a lifestyle property, or who are looking for a rural base for their business combined with a place to live and from which to enjoy various leisure activities. But there is also a second distinct type of farmer who has a big budget available due to rollover money they are trying to reinvest. Add in institutional buyers typically looking for commercial farms or blocks of land at a large scale (with longer-term strategic opportunities) and the result is a great deal

CASE STUDY

of market demand going unsatisfied due to the significant gap between supply and demand. The relatively small acreages presented to the market during 2021 meant that many farming buyers considered them as holdings to incorporate into their existing farming enterprise. Very few farms were offered at a scale where there would be sufficient income for a standalone family farming business. The demand for large-scale commercial holdings, particularly for arable holdings, remains very strong with such a limited supply; holdings above c. 500 acres have been very slim on the ground and farms of c. 1,000 acres have just not made it to the market. As mentioned, a large group of buyers are very keen to spend significant amounts of rollover money which extensive development is generating across the regions. Many of these buyers are increasingly frustrated that time is ticking away and they have just not seen a healthy supply of larger-scale farms coming to the market over the past three years or so.

East Midlands

West Midlands

within our area of coverage. This is something to ponder when we consider the potential sterilisation of large swathes of productive UK farmland through the planting of trees for carbon schemes, and the lack of value placed on domestic food production when set against the backdrop of ongoing issues with global supply chains. With the phasing out of the Basic Payment Scheme, and delinking, we might expect an increasing supply of farms coming to the market, principally grassland and poorer quality arable farms of up to 200 acres or so initially, in our East and West Midlands regions. But the next few years will be very interesting, and we should expect some surprises. Across the East and West Midlands we do anticipate more transactional activity through 2022 with a determined number of rollover buyers, lifestyle buyers and those looking from a more environmentally led perspective. Average values should remain stable in the short term.

More recently, buyers with significant budgets have been entering the market to purchase land for tree planting for carbon sequestration, or for offsetting schemes. There are cases where these buyers have outbid all farming buyers by significant margins on arable land

Ben Longstaff Associate Director 07917 064657 ben.longstaff@fishergerman.co.uk

Bentilee Farm,

near Abbots Bromley in East Staffordshire The property comprised: • A three-storey period farmhouse extending to 3,600 sq ft and requiring complete modernisation • A part two-storey traditional range of 6,400 sq ft • Three modern farm buildings • Grassland with ponds • About 123.17 acres in all

The farm was guided at £2,125,000 and generated a strong response from the market following full national market exposure which created competition between buyers. The farm generated interest from farming and non-farming buyers from across the country. The resulting sale price was well above the guide.

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Preparing for a farm sale Most potential vendors understand that it is important that the farm looks at its best when it is launched onto the market. Effort will have been made to clear away the old collapsed farm building that has been blighting the yard for some time and the hedges will have been cut. Typically, farms will be offered to the market in the spring when the fields are looking at their best.

However, there are other important factors that need to be addressed in the weeks, months and sometimes even years leading up to a sale of what will probably be your most valuable asset. Too often we see sales held up at the eleventh hour because important information is missing and the buyer enquiries cannot be adequately answered. The following are a few of the important items that should be addressed when there is less time pressure in the preparation phase: • Check that title to the whole farm is registered and there are no small corners missing. • Is the title clean or are there any cautions or restrictions that need to be removed? • Gather together all the BPS paperwork including cropping records. • Consider in advance whether overage is to apply and ensure that this is referenced in the sales particulars.

• Dig out any wayleaves, tenancy agreements, licences, drainage plans and other relevant paperwork and provide copies to your solicitor.

that ownership of the farm is in the right hands and changes made as appropriate. It may be necessary to transfer part of the property to the next generation.

• Consider which fixtures and fittings are to be included in the sale and which are to be made available at a separate price or removed.

It is important that everything is done to maximise the value of the farm for sale. The opportunity to add value through planning does not exist in relation to every property, but careful consideration should be given to the possibility of adding value by obtaining planning permission or submitting a Class Q prior notification. The planning system can be a tortuous and slow process to navigate and therefore this needs to be dealt with well in advance of a sale. Similarly, lotting the farm in order to maximise value should be considered with your agent and the risks and benefits of such an approach properly weighed up, along with access provisions and maintenance obligations.

Early in the process it is a good idea to consult with your solicitor and accountant and make them aware of your plans. There may be steps that can be taken to mitigate future tax liabilities and often these need some time to put in place. Consideration can be given to ensuring

Finally, back to the presentation of the farm referred to at the start of this article. First impressions certainly count, so don’t just hope that a buyer “can see past the mess”. Listen to the advice of your agent, and where possible and practical attend to those jobs that will otherwise impact negatively upon your sale.

Edward Clark Partner 07718 524819 edward.clark@fishergerman.co.uk

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Robert Knight

Private market preferable? Selling a property, and particularly one that may have been owned or retained within the family for a long time, is often a very emotional and difficult decision. Some people simply don’t want the fact they are selling to be widely known and would prefer to avoid the invasiveness of an ‘open market’ sale. Equally, some people are simply looking to ‘test the market’ to see if a buyer can be found at the desired price. This can be an excellent test before committing to the open market, as once a property is listed via an online property portal, it creates a permanent history that may be a hindrance in the future especially in the case of ongoing businesses. The farming industry is currently undergoing a period of significant change, and this will lead to some farming businesses deciding to rationalise and dispose of land, whilst others will continue to forge forward and invest in more land and property, especially those who have benefited from selling land for development. The farmland market has a long-standing history of private deals; and, whilst 2021 has seen close to historically low levels of land being traded publicly on the open market, the private sector has remained very buoyant. Farmland is a finite product, and in areas where there is an influx of potential buyers with money made from outside of the agricultural industry, or an abundance of existing farming businesses looking to expand their holdings, the land market can be highly competitive. The private market enables purchasers to acquire land without the risk of losing out to other bidders; and sellers are able to capitalise on this security of a purchase which typically results in higher values being achieved. The appeal of higher values being paid by ‘special purchasers’ can also tempt some sellers into the private market who would not otherwise sell, leading to buyers being able to bolster their land holdings through acquiring neighbouring land not available to them on the open market.

Fisher German have a long-standing history in acting for both buyers and sellers in relation to private deals. Making direct approaches on behalf of our clients has enabled the farm agency team to deliver some fantastic results on both sides of the fence.

• Three offers received. Sale price believed to be around 9% higher than comparable open market evidence.

An example of how a private market deal can benefit both buyer and seller is highlighted through a case study we have recently been involved in below.

This is just one example of how a private sale can benefit all parties and lead to an efficient and smooth disposal of land. A private sale does not suit all land holdings, or indeed all land buyers; but in a farmland market which is seemingly becoming fickler, with larger price disparities being seen, if you are interested in chatting to one of our agents about whether a private deal may be suitable for you, please do not hesitate to get in contact with us.

• Retained client wishes to dispose of an off-lying holding extending to c. 200 acres to facilitate family reorganisation. Client does not wish details of family matters to be made public due to some family sensitivities. • Fisher German know the local market and advise that there are a number of potentially strong buyers locally. • Land is offered privately to three identified local parties together with an indication of price level vendor wishes to achieve. • Parties asked to submit an offer by a fixed date if interested.

• Purchaser happy to pay more as figures remain confidential. Buyer achieves their objectives.

Rachel Clipsham Associate 07855 077152 rachel.clipsham@fishergerman.co.uk

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Natural capital markets The development of natural capital markets continues to be a major talking point in the rural land sector. This has been heightened by the passing of the Environment Act in November which creates a legislative framework and puts the environment at the heart of policy making.

The Act draws on the concept of natural capital and goes beyond just protecting the existing environment, with the legislation instead seeking to reverse the long-term trend of environmental decline in the UK. The legislation introduced by the Act is extensive and includes requirements for government to establish targets on air and water quality, biodiversity and waste, as well as creation of an Office for Environmental Protection to independently monitor government progress towards these targets. Although little of the Act is specifically directed at agriculture, the legislation will frame much of future agricultural and rural land use policy. Two elements of particular relevance to the rural land sector are Local Nature Recovery Strategies (LNRS) and Biodiversity Net Gain (BNG), both to be introduced through the Act. BNG introduces a new planning policy requirement for development to demonstrate that it will result in an increase in biodiversity. In many instances this will require developers to offset the impact of development by securing offsite creation or enhancement of habitat in the local area referred to as ‘biodiversity offsetting’.

So how can landowners explore these markets? The starting point should be a review of the holding in the context of the changing policy landscape and understanding the existing environmental baseline. Landowners will need to understand the areas of their holding which may be best suited to changes in land management practices or habitat provision. This will need to look beyond the holding boundaries and consider land in the context of wider habitat priorities. With a range of public and private funding

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LNRS have gained less attention but are likely to be just as significant to farmers and landowners. LNRS are new local spatial strategies which will cover all areas of England setting out agreed priorities for nature’s recovery, mapping the most valuable existing areas for nature as well as specific proposals for creating or improving habitat for nature and wider environmental goals. LNRS will be significant for farmland as they are to be used to target spending through the Local Nature and Landscape Scale Recovery elements of the new Environmental Land Management Scheme, therefore determining availability of and access to some elements of future agricultural support. LNRS will also have a role in targeting the delivery of biodiversity/offsetting sites, with preference and economic advantage given to offset sites which can deliver on LNRS priorities. Landowners should keep a close eye on the development of LNRS in their area – they will be important in determining opportunities for agricultural funding and natural capital markets. The introduction of BNG and the need for biodiversity offsetting are already creating a

opportunities available, consideration should be given to which sources of funding are most suitable and where these might be blended. Private funding will probably be more generous for some aspects, but is likely to require longerterm commitments with less flexibility, for example requiring conservation covenants over land. Above all these are long-term management changes. Landowners should therefore think carefully about any agreements being offered, and understand what is being sold, the terms being offered, what is being committed to, for how long and of course its value. Professional

market for land to deliver habitat enhancement in areas where BNG has been applied to local planning policy in advance of the Act. Biodiversity offsetting brings opportunities to secure private sector payments for delivering environmental outcomes from land, but these will be long-term commitments with BNG policy requiring delivery for at least 30 years. There are also opportunities in carbon offsetting through woodland creation or peatland restoration. As those seeking purchase of carbon offsets seek greater assurance over offset quality, the Woodland Carbon Code and Peatland Carbon Code provide important verification standards necessary to access this market. The Woodland Carbon Guarantee Scheme provides a government-backed carbon market, guaranteeing a minimum price, but high demand from private sector purchasers is expected to see carbon values increase in coming years. There is also grant funding available for woodland creation which can be claimed in conjunction with carbon sales to improve the attractiveness of woodland creation.

Tom Beeley Senior Surveyor 07970 698729 tom.beeley@fishergerman.co.uk

advice will be essential. A close eye will need to be kept on the changing policy landscape; there remains much to be determined and understood in these new markets. The Green Offset launched by Fisher German in 2021 provides a cost-free way of exploring the market. The online platform is free to use for landowners and allows them to market land as being potentially available for biodiversity or other offsetting purposes with no commitment. This opens the door to conversations with those seeking to acquire offsets and provides a simple way of exploring these emerging markets. https://greenoffset.co.uk/

Fisher German have always been pioneers 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 since then it has 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 complete; 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.

Online auctions – pioneering the way

During 2020 markets were shaken by the Covid pandemic, initially causing them to grind to a near halt in March of that year when the first lockdown was implemented by the government to try to control the spread of the virus. However, implementing 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 safety and comfort of their homes allowing them to continue with their plans. Under the traditional auction method, where sales are conducted in a venue local to the property, auctions were forced to be cancelled. As we entered 2021 the market accelerated resulting in some spectacular sales, on average 23% above the asking price, with some considerably higher. Buyer enquiries and registrations for our platform were also up on the previous year as people embraced the new method of buying. While residential sales on the platform performed exceptionally well last year, we also saw an increase in successful commercial and development sales of both built-on and in particular surplus land parcels. Such properties attracted 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, the competition generated by online auctions leading to a far higher sale price. Equally, if a landowner feels unable to decide between a number of interested parties, an online auction to let them battle it out may be one solution. Recent successful sales include 5.36 acres of woodland in Bawtry, South Yorkshire, which attracted 40 registered buyers and sold for £58,250, nearly 2.5 times the guide price of £25,000. In another sale in Swannington, Leicestershire, a small block of amenity grassland measuring under 1 acre had a guide price of £9,000 and rocketed away to sell for £45,000. If you would like some advice on online auctions, do get in touch with Tom Dennes, who is the national lead for online auctions at Fisher German.

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

Robert Farmland Review Knight2022 | 9

Buyers

Looking ahead – the 2022 farmland market Early evidence suggests increased supply in 2022 with values holding firm 2022 market – Farm/land value predictions by farm type (opinion-based)

Demand is expected to increase through 2022 from a large proportion of agricultural buyers, principally tax-driven, seeking more commercial-scale opportunities (subject to any significant capital taxation changes). Smaller-scale operators will continue to seek additional land in the locality to spread their fixed costs. Low interest rates allow such buyers to borrow efficiently and with a lower serviceability burden. The treatment of agricultural assets for Inheritance Tax purposes (APR) will continue to support such decisions for inter-generational businesses. With an ever-increasing market for carbon investment and offsetting opportunities, the percentage of corporate and private nonfarming investors is increasing. They continue to demand larger-scale upland and hill farms for woodland plantations and afforestation. This will heighten demand for those poorer, less productive land holdings which are more susceptible to reducing direct payments. The market for rewilding and conservation purposes continues to gain pace with more private and corporate bodies seeking lowervalue opportunities to provide the asset for future environmental projects.

Arable

Non-farming, lifestyle and amenity buyers will continue to drive demand for smaller residential farms and bare land opportunities.

Livestock

Vendors

Mixed Dairy Lifestyle/amenity Estates/sporting Woodland/forestry

Our predictions for the year ahead: • Continuing focus on opportunities for carbon offset • Increase in supply of land to the market • Continuing 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 planting • Continued demand for strategic and well-diversified holdings • Increasing off-market activity

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We will likely see more retirement sales brought forward through 2022 as values remain firm and those seeking to exit the industry choose to do so before subsidy payments reduce further. We also expect a number of vendors to cite input cost inflation seen through 2021 as a motive for sale. We will likely see more landowners selling small acreages away to fund diversification schemes and more on-farm renewable energy projects such as roof-mounted solar arrays. We have spoken to a number of private landowners who are seeking to balance their investment portfolios by disposing of farmland as commercial property markets strengthen.

Volumes The marketplace demands increased supply this year and we anticipate greater transactional activity. With more retirement sales, the need to raise capital for diversification projects, debt-related sales and some rebalancing of investment portfolios, we expect supply to improve. We expect more landowners with upland and hill farms to consider disposals where

woodland investors offer above previous agricultural values. A good proportion of trading this year will however be through private transactions, often hidden from the marketplace and thus not truly reflecting the volume of land changing hands. Where vendors require discretion and flexibility around their sale, such private marketing campaigns can work effectively. The assurance of maximum sale receipts cannot however be truly established without public marketing.

Values 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 expect little movement in arable values through 2022 whilst landowners assess their business resilience against reducing subsidy payments and the potential income through the ELMS options. We expect grassland values to increase where there is potential for woodland planting and afforestation. Should supply increase dramatically in the northern counties, we may see values soften. Interestingly we are starting to see the previous disparity in values between the most and least productive holdings contracting. The interest and values paid for poorer holdings suitable for afforestation and environmental-led opportunities are, in many areas, strengthening and as such raising average values for those previously less attractive land holdings. Values will inevitably hold firm for those farms with additional strategic or other latent value, including potential mineral extraction, residential or commercial development prospects. Farms with additional income streams or with smaller-scale development opportunities remain in high demand. We would remind those considering a disposal in the near future that early advice should be sought in order to commence and complete preparations thoroughly in good time.

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

Your key contacts: Richard Gadd

Stuart Flint

National Country Agency Team

07966 481487

07501 720422

richard.gadd@fishergerman.co.uk

stuart.flint@fishergerman.co.uk

Alasdair Dunne

Matthew Allen

National Country Agency Team and Market Harborough

National Country Agency Team and Banbury

07501 720412

07810 378190

alasdair.dunne@fishergerman.co.uk

matthew.allen@fishergerman.co.uk

Ben Longstaff

Molly Dickson

Ashby de la Zouch and Stafford

Bedford

07917 064657

07741 264143

ben.longstaff@fishergerman.co.uk

molly.dickson@fishergerman.co.uk

Edward Clark

Thomas Parker

Chester

Doncaster

07718 524819

07738 981255

edward.clark@fishergerman.co.uk

thomas.parker@fishergerman.co.uk

Daniel Hayhurst

Rachel Clipsham

Knutsford

Newark

07810 378187

07855 077152

daniel.hayhurst@fishergerman.co.uk

rachel.clipsham@fishergerman.co.uk

Robert Hurst

Tom Dennes

Lincolnshire

Thame

07501 720419

07587 033061

robert.hurst@fishergerman.co.uk

tom.dennes@fishergerman.co.uk

Christian Sanders

Matthew Barker

Worcester

West Midlands

07799 697791

07788 412186

christian.sanders@fishergerman.co.uk

matthew.barker@fishergerman.co.uk

Hannah Rose Exeter 07917 993518 hannah.rose@fishergerman.co.uk

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Ashby de la Zouch

Banbury

Bedford

Birmingham

Canterbury

Chester

Cwmbran

Doncaster

Exeter

Glasgow

Head Office

Hereford

Office Network 10

21 8 15

High Wycombe

Hungerford

Knutsford

London

Market Harborough

Newark

Newcastle

Richmond

Rossendale

Stafford

Southampton

Thame

Worcester

1 11 17

4 25 12

2 24

7 14

16 5

23 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 2022.