Market Intelligence Report
Farmland Market Great Britain - 2014Q3 The farmland market contracted in 2014 – with less land for sale than in 2013 although we are not quite at the all time low amount of 2012. The lack of land to buy is supporting values in England, Scotland and Wales – as it has done for at least the last five years. Values have risen in the last 12 months by 6% in England and Scotland; equipped land values have risen by 7% in both countries, so more than the 3-5% for bare land. Welsh values have remained constant. Giles Wordsworth National Head of Farm Agency and Dr Jason Beedell Head of Research
England
Scotland
Wales
Prices have risen by 6% in 12 months and are at record levels. The amount of land for sale has fallen.
Prices have risen by 6% on the back of continuing low levels of supply.
Prices remain at record levels for both bare (£8,100 per acre) and equipped farms (£11,250).
We now expect less land to be marketed compared with 2013.
Demand remains strong for the best land and high amenity units.
smithsgore.co.uk
Only 61 farms were publicly marketed covering 8,800 acres so scarcity remains the driver.
England Farmland values in England (£/acre) Values remain at all time high levels. Equipped land values up 7% in the past 12 months, and 2% rise for bare land.
12,000 10,000 8,000 6,000
13Q3
64
5
81
51
14Q3
55
6
76
41
West Midlands South Central South West
14Q2
14Q3
Bare arable
£6,400
£6,300
Bare pasture
£6,100
£6,300
Equipped land
£7,200
£7,200 =
14Q2
14Q3
Bare arable
£7,750
£8,000
Bare pasture
£6,500
£6,500 =
Equipped land
£8,750
£8,750 =
14Q2
14Q3
Bare arable
£8,250
£8,750
Bare pasture
£6,250
£6,250 =
Equipped land
£11,500
£12,000
14Q2
14Q3
Bare arable
£8,500
£8,500 =
Bare pasture
£6,500
£6,500 =
Equipped land
£10,500
£10,500 =
10Q4 Bare land
11Q1
12Q1
Equipped land
13Q1
14Q1
All land
North East
25
09Q1
Yorkshire & Humber
Mixed
70
0 08Q1
14Q2
14Q3
Bare arable
£6,300
£6,300 =
Bare pasture
£4,700
£4,700 =
Equipped land
£8,200
£8,200 =
14Q2
14Q3
Bare arable
£8,000
£8,000 =
Bare pasture
£5,500
£5,500 =
Equipped land
£9,000
£9,000 =
Bare arable
£7,750
£7,750 =
Bare pasture
£6,000
£6,000 =
Equipped land
£9,500
£9,500 =
14Q2 East Midlands
Livestock
8
2,000
14Q2 East of England
Dairy
49
North West
Arable 12Q3
4,000
South East
97,600 acres have been marketed in the year to date, which is less than the 5 year average. Only 105 - 115,000 acres will be marketed by the end of 2014, which is one of the smallest amounts ever.
Smiths Gore offices
Bare land
14Q3
14Q3
Bare arable
£8,750
£8,750 =
Bare pasture
£6,000
£6,000 =
Equipped land
£9,500
£9,500 =
14Q2
14Q3
Bare arable
£8,000
£8,000 =
Bare pasture
£6,250
£6,250 =
Equipped land
£10,000
£10,000=
Equipped land
All land
£/ac
% change
Acres
No of sales
£/ac
% change
Acres
No of sales
£/ac
% change
Acres
No of sales
09
£4,800
-2%
19,500
135
£7,200
-11%
96,700
360
£6,700
-11%
116,400
496
10
£5,400
13%
23,100
178
£8,300
15%
98,700
433
£7,600
13%
121,800
611
11
£6,000
11%
24,400
148
£9,400
13%
104,500
462
£8,700
14%
128,900
610
12
£6,900
15%
17,500
128
£9,700
3%
73,100
338
£9,000
3%
90,600
466
13
£7,100
3%
26,500
232
£10,800
11%
95,400
468
£9,800
9%
121,900
700
12Q1
£6,000 =
0%
3,800
29
£9,400 =
0%
12,400
59
£8,800
1%
16,200
88
12Q2
£6,300
5%
6,700
38
£9,600
2%
28,800
119
£8,900
1%
35,600
157
12Q3
£6,600
5%
4,100
36
£9,600 =
0%
23,400
116
£9,000
1%
27,400
152
12Q4
£6,900
5%
2,900
25
£9,700
1%
8,500
44
£9,000 =
0%
11,400
69
13Q1
£7,000
1%
5,400
43
£9,800
1%
12,100
66
£9,100
1%
17,500
109
13Q2
£7,100
1%
7,900
78
£10,200
4%
47,800
211
£9,500
4%
56,000
290
13Q3
£7,200
1%
9,500
75
£10,300
1%
26,400
129
£9,500 =
0%
35,300
204
13Q4
£7,100
-1%
4,200
37
£10,800
5%
8,900
61
£9,900
4%
12,900
98
14Q1
£7,100 =
0%
2,900
27
£10,800 =
0%
8,200
38
£9,900 =
0%
11,200
65
14Q2
£7,200
1%
9,900
78
£11,000
2%
47,100
201
£10,000
1%
57,000
288
14Q3
£7,400
3%
9,600
72
£11,000 =
0%
19,900
106
£10,100
1%
29,500
178
Scotland Farmland values in Scotland (£/acre) Values remain at all time high levels. Equipped land values up 7% in the past 12 months, and 5% rise for bare land.
12,000 10,000 8,000 6,000
31,500 acres have been marketed in 2014 so far - 6,000 acres less than in 2013 and in 2012 but only 1,800 acres less than the 5 year average. Only 35,000 acres will be marketed by the end of the year.
Arable
Dairy
Livestock
Mixed
12Q3
8
1
28
10
13Q3
10
3
36
11
14Q3
10
3
26
13
£/ac
% change
Acres
No of sales
12Q3
£6,200
-2%
16,300
47
13Q3
£6,900
11%
22,600
60
14Q3
£7,300
6%
10,400
52
4,000 2,000 0 12Q1
12Q2
12Q3
12Q4 Bare land
13Q1
13Q2
13Q3
Equipped land
13Q4
14Q1
14Q2
14Q3
All land
Smiths Gore offices
Bare land
Equipped land
£/ac
% change
Acres
No of sales
09
£4,500
-
3,800
24
£6,000
£/ac
10
£4,500 =
0%
3,400
28
11
£5,500
22%
3,100
12
£5,850
6%
3,900
13
£5,950
2%
12Q1
£5,500 =
0%
12Q2
£5,500 =
12Q3
£5,750
12Q4 13Q1
All land
% change
Acres
No of sales
-
23,300
85
£5,800
£/ac
% change
Acres
No of sales
-
27,100
109
£6,000 =
0%
31,000
100
£5,800 =
0%
34,400
128
20
£5,000
-17%
27,700
28
£6,250
25%
35,700
94
£5,100
-12%
30,800
114
105
£6,200
22%
39,500
133
3,100
21
£7,250
16%
38,400
400
4
£6,250 =
0%
3,300
117
£7,100
15%
41,500
138
13
£6,100 =
0%
3,700
17
0%
1,600
10
£6,250 =
0%
15,600
5%
1,100
7
£6,250 =
0%
15,100
44
£6,100 =
0%
17,200
54
40
£6,200
2%
16,300
47
£5,850
2%
800
7
£6,250 =
0%
1,600
£5,850 =
0%
500
4
£6,250 =
0%
900
8
£6,200 =
0%
2,300
15
5
£6,200 =
0%
1,400
9
13Q2
£5,950
2%
1,100
6
£7,000
12%
13Q3
£5,950 =
0%
1,300
9
£7,000 =
0%
12,500
42
£6,900
11%
13,600
48
21,300
51
£6,900 =
0%
22,600
60
13Q4
£5,950 =
0%
200
2
£7,250
4%
3,700
14Q1
19
£7,100
3%
3,900
21
£5,950 =
0%
900
6
£7,250 =
0%
14Q2
£6,250
5%
2,500
18
£7,500
3%
1,600
11
£7,100 =
0%
2,500
17
16,100
53
£7,300
3%
18,600
71
14Q3
£6,250 =
0%
1,500
12
£7,500 =
0%
8,900
40
£7,300 =
0%
10,400
52
Wales Arable
Dairy
Livestock
Mixed
12Q3
0
1
12
3
13Q3
1
6
12
2
14Q3
0
1
20
0
Farmland values in Wales (£/acre) 12,000 10,000 8,000 6,000
£/ac
% change
Acres
No of sales
4,000
12Q3
£9,400
1%
2,400
16
2,000
13Q3
£10,800
15%
4,900
21
0
14Q3
£10,800 =
0%
2,300
21
12Q1
12Q2
% change
12Q4 Bare land
Bare land £/ac
12Q3
13Q1
13Q2
13Q3
Equipped land
13Q4
Equipped land
Acres
No of sales
£/ac
% change
14Q1
14Q2
14Q3
All land
All land
Acres
No of sales
£/ac
% change
Acres
No of sales
09
£4,500
6%
1,700
14
£9,500
31%
9,800
54
£8,800
29%
11,500
68
10
£5,000
11%
1,200
9
£10,000
5%
32,100
50
£9,300
6%
33,300
59
11
£6,000
20%
1,300
8
£9,500
-5%
7,300
48
£9,000
-3%
8,600
56
12
£6,500
8%
400
4
£9,250
-3%
7,200
29
£8,800
-2%
7,600
33
13
£8,000
23%
1500
14
£11,250
22%
11,600
60
£10,800
23%
13,100
74
12Q1
£6,000
9%
0
0
£9,500
10%
1,200
4
£9,000
11%
1,200
4
12Q2
£6,250
4%
200
2
£10,000
5%
3,400
7
£9,400
4%
3,600
9
12Q3
£6,250 =
0%
200
2
£10,000 =
0%
2,200
14
£9,400 =
0%
2,400
16
12Q4
£6,500
4%
0
0
£10,000 =
0%
400
4
£9,500
1%
400
4
13Q1
£7,500
15%
100
1
£10,500
5%
1,600
11
£10,100
6%
1,700
12
13Q2
£7,750
3%
400
4
£11,000
5%
3,700
23
£10,500
4%
4,100
27
13Q3
£8,000
3%
200
3
£11,250
2%
4,700
18
£10,800
3%
4,900
21
13Q4
£8,000 =
0%
600
5
£11,250 =
0%
1,800
9
£10,800 =
0%
2,400
14
14Q1
£8,100
1%
600
5
£11,250 =
0%
1,300
6
£10,800 =
0%
1,900
11
14Q2
£8,100 =
0%
900
10
£11,250 =
0%
3,700
19
£10,800 =
0%
4,600
29
14Q3
£8,100 =
0%
600
7
£11,250 =
0%
1,800
14
£10,800 =
0%
2,300
21
Figures in this review are from our comprehensive database of all sales of publicly marketed farmland over 50 acres; they are therefore transaction-based, other than the Scottish, Welsh and regional values which are from our regional farm agents as reliable figures cannot be generated from the small numbers of transactions in these areas. The figures exclude sales where the residential value of the sale is greater than 50% of the total. If you have any questions about this report, please contact: Dr Jason Beedell Head of Research t 01733 866562 e jason.beedell@smithsgore.co.uk
Contacts National Head of Farm Agency
Giles Wordsworth
London
0207 409 9490
England
Giles Wordsworth Sam Tydeman
London Newmarket
0207 409 9490 01638 676743
North East North West Yorkshire and Humber West Midlands East Midlands East of England South East South Central South West Scotland
Stephen McOwan Simon Waller William Douglas Ed de Lisle David Goodson Sam Tydeman William Banham Giles Wordsworth Harry St John Simon Derby Toby Perry Christopher Anderson
Corbridge Clitheroe York Lichfield Peterborough Newmarket Maidstone Oxford Oxford Taunton Exeter Truro
01434 632404 01200 411052 01904 756303 01543 266407 01733 559306 01638 676743 01732 879058 01865 733302 01865 733304 01823 445036 01392 294891 01872 274646
Head of Farms and Estates Agency Team
John Coleman
Edinburgh
0131 344 0881
Head of Property Investment and Valuations
Gerald FitzGerald
London
0207 409 9492