Land Prices Continue to Rise
Land prices are continuing to rise according to the Rural Land Market Survey as published by the Royal Institution of Chartered Surveyors. This is being driven by the rise in demand for residential and ‘lifestyle’ farmland plus continued commercial demand. The survey shows for the first half of 2014 a 3% increase in land prices from the previous half-year, and a 12% year on year rise. The data includes a ‘transaction’ based price and an ‘opinion’ based price; the former is based on actual sales and includes a residential component whereas the opinion based measure is a hypothetical surveyors estimate of bare land; it doesn’t include any residential element and therefore tends to be lower.