The range of prices paid for both arable and pasture land remains large, although the difference between the lowest and highest prices paid appears to be shrinking. Arable land has sold for between £6,800 and £15,800/acre across the first six months of 2021 (H1), with a Q2 average of £9,000/acre. Demand remains very localised and price depends on the number and strength of bidders in the market.
Figures 7 & 8: Average, lowest and highest sale prices of arable and pasture farmland (£/acre)
Pasture land has sold for between £3,000 and £10,000/acre in H1, with an average of £7,100/acre. For pasture land, we expect to see fewer sales in the lowest price bands as demand for upland and hill pasture continues to grow, due to strong demand for tree planting land and from other green investors.
N.B. Data is based on sold (exchanged) prices for vacant arable and pasture land only (i.e., it excludes the value of houses or buildings). The year is when the farmland was sold (exchanged) and is for whole years unless otherwise stated. Although we have stripped out the value of buildings and houses, the data can still be affected by differences in the quality and location of the land sold. Therefore, they should only be used as a broad indicator of changes in prices.
Figures 9 & 10: Agreed sale price of arable and pasture farmland, by price band (£/acre)
N.B. Data is based on sold (exchanged) prices for vacant arable and pasture land only (i.e., it excludes the value of houses or buildings). The year is when the farmland was sold (exchanged) and is for whole years unless otherwise stated.