A record-breaking auction saw two Cumbrian farms go under the hammer for a total of £4 million.
H&H Land & Estates sold Moorhouse Hall Farm for £2.5 million and Sunnycroft for £1.5 million.
Both located close to Wigton, Moorhouse Hall Farm is a 146-acre dairy farm with a six-bedroom traditional farmhouse, a bungalow, and assorted agricultural buildings. Sunnycroft is a 96-acre livestock farm.
Thomas Armstrong, director and chartered surveyor of H&H Land & Estates, said: “These have been phenomenal sales, and these are prices that can only be achieved when selling by public auction.
“With the high demand we are seeing some fierce competition, both from local buyers and those from further afield, and this is driving the price of property and land to new heights.”
“Public auctions have been missed and this is demonstrated not only by the results, but by attendance, and the volume of property being sold by auction which is confirmation that people want to do business this way.
“Selling rural land and property via public auction is a traditional means of trading and, certainly this year, we are seeing more and more vendors keen to sell their property this way. We are witnessing farms and land selling for prices significantly above what the guide prices indicate, making it very difficult to give an accurate estimation on the value of a property or land.
Two acres of land at Laversdale, which sold for more than five times the average price per acre, reaching £111,000.
Thomas added: “There is a strong demand for bare blocks of land, woodland, farms, and property and as such we are seeing phenomenal results for these. More and more farmers and landowners are seeking to increase their acreage, especially if the land is of high amenity value or comes with barns or outbuildings that could be repurposed and utilised.”