A gloomy cloud of recession may loom over Britain, and much of Europe, however, at Kirkby Stephen Auction Mart earlier this week there was certainly no gloom at all. This was when a block of Cumbrian land sold for 76% more than the asking price.
The 27 acres of Land at Soulby, Crosby Garrett near Kirby Stephen sold for over £9,000 per acre at a total of £265,000 to a local buyer. This was well in excess of the guide price.
The 27 acres of Land at Soulby, Crosby Garrett near Kirby Stephen sold for over £9,000 per acre at a total of £265,000 to a local buyer.
This land at Soulby was one of the largest ever prices achieved for such a sizeable acreage of land in this part of Cumbria. And, from the outset it was evident that there was much interest and anticipation. This sale room was packed, the atmosphere buoyant and with a number of confident bidders, bidding was brisk.
“This was an outstanding and very exciting sale which demonstrates that there is a notable growing confidence in the agricultural sector and that we are now starting to see the modest traces of a silver lining in the sale of land”.
Said Thomas Armstrong, Chartered Surveyor with H&H Land and Property after the sale.
“It also reinforces that fact that there is a demand for good cropping and grazing land to accompany the top sheep and beef prices currently being achieved”.
With many farmers and landowners looking to expand and new entrants coming forward and stepping into land ownership, rural land is certainly one part of the property market which continues to grow.
As land availability remains low it should perhaps not be too surprising that it is reaching such incredible prices. Nevertheless it does demonstrate that Cumbria is clearly a place where productive farmland is under demand.
We look forward to what can be expected from H&H Land and Property’s next land auction being held at Kirkby Stephen later in the month, says Julie Liddle, Director of H&H Land and Property.
“Based on the sale prices reached in Tuesday’s sale I think we can remain fairly optimistic about rural land values in Cumbria. We have a 13 acre property above the Hartley Quarry that is expecting to go for just over £20,000, around £1500 per acre. This is good grazing land with some limestone pasture so it will be interesting to see the outcome of this auction”.
The next land auction to be held by H&H Land and Property at Kirkby Stephen Auction Mart is on Tuesday 29th of May after 6pm.
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