National View
Farmland values across England and Wales remained unchanged during the first quarter of 2021, reflecting a positive although uncertain sign for the market. Arable values averaged £8,450 per acre – a modest 0.3% rise on 12 months earlier – while pasture land values remained at £6,744 per acre, an increase of 0.2% on Q1 2020.
The lack of deals, and therefore transactional evidence of price increases or decreases, has maintained values at keen levels. The next three to six months will be a true test of the market, as historically, this season is when marketing for agricultural land and assets tends to begin.
Supply figures for Q1 appear to be more positive this year than they were during 2019 and 2020. Figures from Farmers Weekly recorded 7,300 acres of publicly marketed supply for the first three months of the year. This was more than double that of Q1 2020 and about 60% up on the same period of 2019. However, as seen in figure 2, supply is still depleted on the high volumes reached in prior years, but the increase this year is nonetheless a positive sign for both vendors and purchasers.
Publicly marketed land is just one side of the coin and many vendors are opting to launch their assets off market or via auctions, to attract serious buyers which command, strong prices. Given these robust market fundamentals, the house and land market is showing no signs of abating.
Enquiries for assets with a leisure or alternative use component have increased in recent months, and when such assets are launched, on or off market, high volumes of interest are recorded. Alternative uses have always been desirable, particularly in locations where transport links and accessibility are good, and this desirability is likely to increase further as we transition into a post-subsidy world. Furthermore, interest from non-farming purchasers looking at land from a Natural Capital or habitat creation aspect is also growing, and we will continue to monitor how this evolves over the coming months.
Enquiries for assets with a leisure or alternative use component have increased in recent months, and when such assets are launched, on or off market, high volumes of interest are recorded. Alternative uses have always been desirable, particularly in locations where transport links and accessibility are good, and this desirability is likely to increase further as we transition into a post-subsidy world. Furthermore, interest from non-farming purchasers looking at land from a Natural Capital or habitat creation aspect is also growing, and we will continue to monitor how this evolves over the coming months.
£8,450
per acre
Average
arable land value in q1
Q-ON-Q
CHANGE
0.1%
-1.0%
y-ON-y
CHANGE
£6,744
per acre
Average
PASTURE land value in q1
Q-ON-Q
CHANGE
0.2%
-1.3%
y-ON-y
CHANGE
Farmland market update q1 2021
Key data and expert commentary
outlining key trends in the farmland market
"We expect enquiry levels and viewings to progress as per a ‘new normal’ during the coming months"
Average land values in
England and Wales
FIGURE 1
Publicly marketed
farmland supply
FIGURE 2
FIGURE 3
Commodity price trends
Source: Carter Jonas, AHDB, Farmers Weekly, DEFRA
Inputs
Outputs
Crude Oil
Fertiliser
Red Diesel
Feed Wheat
Rapeseed Oil
Milk
Beef
Pork
Average land values in
England and Wales
FIGURE 1
Publicly marketed
farmland supply
FIGURE 2
Average land values in
England and Wales
FIGURE 1
Source: Carter Jonas
Average land values in
England and Wales
FIGURE 1
Average land values in
England and Wales
FIGURE 1
12,000
10,000
8,000
6,000
4,000
2,000
0
Mar 2013
Mar 2021
£ per acre
Pasture
Arable
Publicly marketed
farmland supply
FIGURE 2
Source: Farmers Weekly
Acres
As at November
180,000
10,000
80,000
4,000
40,000
0
Mar 15
Mar 16
Mar 17
Mar 18
Mar 19
Mar 20
Mar 21
CRUDE OIL
Unit
Latest data
Date
Quarterly change
Annual change
£/barrel
46.6
Mar ‘21
27.3%
70.0%
Fertiliser
Unit
Latest data
Date
Quarterly change
Annual change
£/tonne
278.9
Feb ‘21
27.5%
20.8%
Red Diesel
Unit
Latest data
Date
Quarterly change
Annual change
pence/litres
60.1
Mar ‘21
15.3%
6.1%
Feed Wheat
Unit
Latest data
Date
Quarterly change
Annual change
£/tonne
192.4
Mar ‘21
-2.0%
16.8%
Rapeseed Oil
Unit
Latest data
Date
Quarterly change
Annual change
£/tonne
402.6
Mar ‘21
6.7%
23.9%
MILK
Unit
Latest data
Date
Quarterly change
Annual change
pence/litre
29.9
Feb ‘21
-2.4%
4.2%
BEEF
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
393.1
Mar ‘21
5.7%
17.0%
Pork
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
143.1
Feb ‘21
-9.5%
-13.1%
Click a location for
a local overview
East of england
Arable
Pasture
Lifestyle
Silts and Fen
£6,000
£5,000
£13,000
£7,000
£9,500
£9,250
£20,000
£11,000
£7,950
£6,500
£15,500
£8,750
0.0%
0.0%
0.0%
0.0%
1.3%
0.0%
3.3%
0.0%
Low
£ / acre
Prime
£ / acre
Average
£ / acre
Quarterly %
Annual %
East of England land values
Mar 16
Mar 21
£ per acre
£0
£12,000
Arable
Pasture
North west
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£7,750
£5,000
£250
£11,000
£8,250
£1,500
£9,500
£6,750
£800
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Pasture
Hill
EMAIL robert
01539 722592
Senior Surveyor
Robert Bowyer
North West land values
Mar 16
£0
£12,000
Arable
Pasture
£ per acre
Mar 21
Wales
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£8,000
£4,000
£500
£9,000
£8,000
£1,500
£8,500
£6,000
£1,000
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Pasture
Hill
EMAIL Hugh
01248 360417
Associate Partner
Hugh O’Donnell
Wales land values
Mar 16
£0
£10,000
Arable
Pasture
£ per acre
Mar 21
South WEst
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£8,000
£4,000
£10,000
£8,500
£8,500
£7,400
0.0%
0.0%
0.0%
2.1%
Pasture
EMAIL David
01823 428591
Partner
David Hebditch
South West land values
Mar 16
£0
£12,000
Arable
Pasture
£ per acre
Mar 21
North east
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£5,750
£3,750
£1,400
£10,000
£8,000
£6,000
£2,500
£13,000
£6,750
£5,250
£1,900
£11,500
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Pasture
Hill
Lifestyle
EMAIL Sam
01423 707801
Associate
Sam Johnson
North East land values
Mar 16
£0
£10,000
Arable
Pasture
£ per acre
Mar 21
Yorkshire and the Humber
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£7,250
£4,750
£1,400
£10,000
£10,000
£6,500
£3,500
£12,000
£8,250
£6,250
£2,400
£11,000
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Pasture
Hill
Yorkshire Wolds
EMAIL Sam
01423 707801
Associate
Sam Johnson
Yorkshire and the Humber land values
Mar 16
£0
£12,000
Arable
Pasture
£ per acre
Mar 21
£10,000
£15,000
£12,500
0.0%
0.0%
Lifestyle
East Midlands
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£6,000
£5,900
£13,000
£9,500
£8,000
£20,000
£7,750
£6,800
£15,000
0.0%
0.0%
n/a
0.0%
0.0%
n/a
Pasture
Lifestyle
East Midlands land values
Mar 16
£0
£12,000
Arable
Pasture
£ per acre
Mar 21
West Midlands
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£7,500
£6,250
£8,000
£12,250
£9,250
£12,000
£9,600
£8,000
£10,500
0.0%
0.0%
0.0%
1.1%
0.0%
5.0%
Pasture
Lifestyle
EMAIL MICHAEL
07801 173004
Associate
Michael Paton
West Midlands land values
Mar 16
£0
£12,000
Arable
Pasture
£ per acre
Mar 21
South east
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£8,250
£6,750
£12,000
£9,750
£8,000
£15,000
£9,250
£7,750
£13,500
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Pasture
Lifestyle
EMAIL Andrew
01962 833386
Partner
Andrew Chandler
South East land values
Mar 16
£0
£14,000
Arable
Pasture
£ per acre
Mar 21
Wales
West Midlands
East Midlands
South west
South east
East of england
Yorkshire & the humber
North east
North west
EMAIL Andrew
020 7518 3212
Head of Rural Agency
Andrew Fallows
EMAIL heena
020 7518 3270
Research Analyst
Heena Gadhavi
Get in touch
Click a trend for more info
Q-ON-Q
CHANGE
y-ON-y
CHANGE
WEST MIDLANDS
NORTH EAST
SOUTH WEST
WALES
NORTH WEST
YORKSHIRE & HUMBER
EAST MIDLANDS
EAST OF ENGLAND
SOUTH EAST
2019
EMAIL Robert
CLOSE
01539 722592
Senior Surveyor
Robert Bowyer
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2019
CLOSE
View on desktop for a full overview
North East land values
Mar 16
£0
£10,000
£ per acre
Mar 21
EMAIL Sam
01423 707801
Associate
Sam Johnson
2019
CLOSE
View on desktop for a full overview
Yorkshire & The Humber
land values
Mar 16
£0
£12,000
£ per acre
Mar 21
EMAIL Sam
01423 707801
Associate
Sam Johnson
2019
CLOSE
View on desktop for a full overview
Wales land values
Mar 16
£0
£10,000
£ per acre
Mar 21
EMAIL Hugh
01248 360417
Associate Partner
Hugh O' Donnell
2019
CLOSE
View on desktop for a full overview
East Midlands land values
Mar 16
£0
£12,000
£ per acre
Mar 21
2019
CLOSE
West Midlands land values
Mar 16
£0
£12,000
£ per acre
Mar 21
EMAIL Ben
07801 173004
Associate
Michael Paton
2019
CLOSE
View on desktop for a full overview
East of England land values
Mar 16
£0
£12,000
£ per acre
Mar 21
EMAIL Jack
01223 346628
Partner
Mark Russell
2019
CLOSE
View on desktop for a full overview
South East land values
Mar 16
£0
£14,000
£ per acre
Mar 21
01962 833386
Partner
Andrew Chandler
EMAIL Andrew
2019
CLOSE
View on desktop for a full overview
South West land values
Mar 16
£0
£12,000
Arable
Pasture
£ per acre
Mar 21
EMAIL david
01962 833386
Partner
David Hebditch
Arable
Pasture
Arable
Pasture
Arable
Pasture
Arable
Pasture
Arable
Pasture
Arable
Pasture
Arable
Pasture
Arable
Pasture
View on desktop for a full overview
View on desktop for a full overview
Another trend evident is a decrease in rollover buyer enquiries, which appears to have slowed during the last three months. However, it remains too early to determine whether this will continue, as it may just be in a seasonal dip.
EMAIL MARK
01223 346628
Partner
Mark Russell
EMAIL MARK
01223 346628
Partner
Mark Russell
EMAIL mark
01223 346628
Partner
Mark Russell
With the Covid-19 vaccination programme in full swing, and lockdown restrictions on course to ease, as outlined by the UK government in February, we expect enquiry levels and viewings to progress as per a ‘new normal’ during the coming months. Though conversations have been temporarily paused, we hope more clarity on Brexit and the UK’s Agricultural Bill to be firmly on the agenda, allowing businesses and occupiers to plan for the inevitable changes that will be introduced.
£7,500
£11,750
£9,000
0.0%
0.0%
Stilts and Fen
12,000
10,000
8,000
6,000
4,000
2,000
0
With the Covid-19 vaccination programme in full swing, and lockdown restrictions on course to ease, as outlined by the UK government in February, we expect enquiry levels and viewings to progress as per a ‘new normal’ during the coming months. Though conversations have been temporarily paused, we hope more clarity on Brexit and the UK’s Agricultural Bill to be firmly on the agenda, allowing businesses and occupiers to plan for the inevitable changes that will be introduced.