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The farms and land market in the South West remains buoyant and we are optimistic that demand will continue.
Throughout 2022, we have seen demand outweigh supply for a broad range of commercial and residential farms, large agricultural blocks of land and smaller land parcels.
The market for farms has been particularly strong for sizable commercial and residential farms due to low supply, resulting in high prices being achieved. It has been particularly noticeable this year. There are a number of farmer buyers looking to expand their current holdings, having access to rollover funds as a result of development land sales. The frustration from lack of supply and limited choice has maintained values and benefitted those vendors who have chosen to go to market. Examples of successful sales include Langabeare Barton, a 289-acre farm near Okehampton, Henacroft Farm, a 107-acre farm near Winkleigh and Lower Biddacott Farm, a 135-acre farm near Umberleigh, all having successfully sold to agricultural buyers.
Blocks of farmland have been particularly scarce, resulting in strong demand from buyers taking the viewpoint of a once in a lifetime opportunity. Recent examples include 21 acres near North Tawton, which achieved strong interest and sold for 28% above the guide, and 126 acres of land near Bridestowe, which sold for 8% above the guide.
Small amenity blocks of land have attracted a premium and we are seeing more and more parcels being successfully sold on our online auction platform. The department has successfully sold 16 parcels so far this year via online auction, with some recent examples including land near Exeter, which achieved 60% above the guide, and Land near Teignmouth, which achieved over 80% above the guide. Sales by private treaty still sell well, with examples including land near Whitestone, which achieved £7,277 per acre and land near Bere Alston, which achieved £7,959 per acre.
George Alder, Head of Stags Farm Agency, comments “Currently the market remains extremely positive, with viewings for farms and land coming to the market nearly doubling on the previous year. Our department’s objectives are to continue offering the best marketing and pricing advice to our clients. We encourage anyone considering a sale in the West Country in the near future to take advantage of our market knowledge by contacting any member of Stags Farm Agency team for positive, genuine and honest advice.”