LAND MARKET UPDATE 2018 NORFOLK EDITION

LANDMARKET UPDATE 2018 NORF O L K ED I T I ON

We expect to see variability in themarket continue through 2018. Whether prices stabilise this year, depends to an extent on supply and howmuch land comes forward to themarket. If supply remains at similar levels to 2017 then we expect land prices will continue to fluctuate and prices may fall slightly in some areas. Uncertainty will continue until we knowmore about future subsidies and future trade deals. When this happens, it couldmark amajor turning point in themarket, one way or another, depending on the outcome. In the future, issues of food security and land being a diminishing resource will still persist and long-term landowners can take heart from this. Indeed, somemay see a further weakening in land prices as a good buying opportunity. For property coming onto themarket in 2018, the key will be forward planning and patience, to ensure the property looks its best and has the best possible market exposure.

We started 2017 against a backdrop of land prices having eased over 2016 and an expectation that theymay fall further. In Norfolk, 2017 was a busy trading year with our Norwich & King’s Lynn offices handling over 3,000 acres of land transactions. Themarket continues to be characterised by its variability; we have seen bare arable land values between £6,000 and £12,000 / acre withmuch in between. The quality of the land and the acreage on offer have an impact on what can be achieved but location remains critical. There are a number of ‘hot spots’ in Norfolk and acreages traded in these areas have pushed up our average arable land value across the county to £9,000 / acre in 2017, with farmer buyers acquiring themajority of land.

Anne Barker & JimMajor, Partners Brown&Co FarmAgency

Residential. Commercial. Agricultural. brown-co.com

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