Historically, spring has always seen a flush of land being brought to the market, however a recent RICS survey indicates that this might be less so in 2010 than previously, so reports Toby Murray of land agents, Strutt & Parker.
“Land prices have been resilient in the turmoil of the economy over the last couple of years, with typical land prices for arable land staying steady at around £5,500 per acre (£13,750 per hectare); the cause is demand outweighing supply”.
Toby Murray goes on to note that “the prediction is for very little land to be coming to the market this spring and this will help keep prices steady or may even drive them higher – there is definitely an opportunity for those looking to realise some capital, as demand is strong from both within the farming industry by those looking to expand and develop their businesses or from investors looking to buy in to a secure and tax efficient investment”.
Toby Murray continues “we act for both purchasers and vendors and if you are considering what your land might be worth, now might be the time to act – Capital Gains Tax can be a factor for some vendors and it is not going to get any less than the current rate of 18% – no matter which way the election result runs in May”.
Toby Murray – Strutt & Parker