A leading land agency is predicting that 2023 will continue to see rising sales.
H&H Land & Estates’ Carlisle office sold £30 million-worth of land and farms in 2022 and has a further £9 million of sales going through the legal process.
Director Thomas Armstrong, said all the indications were that 2023 will pick up the rising trend in volume and value.
He said: “Our Carlisle office ended the year with completed sales of 2,530 acres of farms and land. That’s very much in line with the national market which saw land sales increasing again by five per cent, and the average value of farmland rising by nearly nine per cent to its highest ever level.”
The indications are strong, he suggested, that the market is set to continue upwards in 2023.
He added: “We expect demand for land to continue to grow this year, and values should logically rise again accordingly. The situation in Ukraine has highlighted the value of productive land here in the UK, and the Government’s recent clarification on incentives for environmentally sustainable farming makes poorer quality land an even more attractive investment.”
The first H&H Land & Estates auction of the year is next month. Mr Armstrong added: “The 750 acres of land we sold by auction last year achieved sale prices 22 per cent above the guide prices. So, our clients are choosing this option more and more, and we’re confident that this, our first auction of the year, will deliver similarly successful results.”
The five lots to be auctioned on March 15 include nearly 29 acres of grazing near Cockermouth with a guide price of £172,000, 0.25 acres of amenity/allotment land with a brick building at Warwick Bridge, near Carlisle, at a guide price of £25,000 and three plots of potential development land in Whitehaven expected to sell for well over £10,000 each.
