Rural Land Sales – Review of 2023 and Outlook for 2024
As we enter a new year, we reflect on the rural land market in 2023 and look ahead to what is in store for land sales in 2024.
There was very little land on the market in the first half of 2023, but that then improved as the year progressed with the overall amount being the highest since 2018, but still below levels from earlier in that decade. Demand outstripped supply with a growing diversity of buyers resulting in prices increasing. Motives to buy go beyond food production and include energy production, carbon capture, biodiversity net gain, development and investment. In areas where there were CGT roll over buyers (from sale of development land) some sale results were stratospheric!
According to a recent article in Farmers Weekly, the average value of prime arable land in 2023 was just over £10,000/ac. There have been sales in the Cotswolds and surrounding areas with which Butler Sherborn has been involved, where the prices achieved have been well in excess of this figure.
Looking forward into 2024, we are anticipating that the market will remain stable and that the values are likely to remain constant. We expect this to be the case despite factors such as the rate of economic growth, the prospect of falling interest rates and the expectation of a general election having the potential to impact the markets, as would unforeseen global shocks. There is ongoing speculation surrounding political parties looking to axe Agricultural Property Relief for inheritance tax, but that is now looking less likely for the time being.
The Cotswolds remain very popular and we look forward to another successful year selling land, farms and equestrian property within the area. As the Cotswold Property Specialists our knowledge of the market is second to none, as is our commitment to achieving the best possible sales for our clients.
If you would like a confidential sales appraisal of your property, please contact Richard Greasby or Ben Way.
richard@butlersherborn.co.uk 01285 883740
ben@butlersherborn.co.uk 01451 830731
SMOOTH MOVE – Simple steps taken in advance to prepare the way for a smooth move
Currently, in the UK, on average one in three house sales fall through. This is often due to surprises during a conveyance, and buyer fatigue at the length the process can take. There are simple steps Sellers and Buyers can take in advance to help ensure the process is as smooth as possible. The key approach is to reduce as many ‘sales irritants’ as you can and to be well prepared in advance. Unexpected matters will inevitably arise, but with plenty of preparation these will be easier to resolve.
SMOOTH MOVE – Simple steps taken in advance to prepare the way for a smooth move
Things that Go Bang in the Night – Halloween & Guy Fawkes in the Cotswolds!
The Cotswolds offer endless activities for all ages in the run up to Halloween and Bonfire Night celebrations the following weekend, from scary attractions, and pumpkin carving to big bangs, bonfires and fireworks!
Things that Go Bang in the Night – Halloween & Guy Fawkes in the Cotswolds!
Cotswold Residential Market - Stow-on-the-Wold – Helen Whitfield
The residential market around Stow-on-the-Wold has been incredibly active during this current period of political uncertainty, and there have been some notable sales. Many properties are still selling privately under competitive bidding. That being said, the headline guide price needs to be realistic, and the best results are still on the turnkey properties.
Cotswold Residential Market - Stow-on-the-Wold – Helen Whitfield
Ben Way, Head of Butler Sherborn Equestrian - Rounds Up the Eventing Season 2024 with Badminton Qualification
As we head into October, the 2024 eventing season is drawing to a close, with the last couple of events left to go for some of the younger horses. Many of the older horses have already started their winter holidays, where they get an eight week break out in the fields.
Ben Way, Head of Butler Sherborn Equestrian - Rounds Up the Eventing Season 2024 with Badminton Qualification
