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English farmland one of best performing assets during recession According to CLA member, Smiths Gore, values for equipped farms and bare land continued to rise in the final quarter of 2011, to 14 per cent for the year. They have now risen continuously since the summer of 2009, despite the increase in supply of land to the market. Giles Wordsworth, Head of Farm Agency at Smiths Gore, said: "Equipped land values rose by 2 per cent in the final quarter and by 13 per cent over 2011 as a whole. This impressive rise in values followed a 16 per cent rise in 2010, so values have risen by a third since the recent low point in the summer of 2009. "Bare land values have also risen, by 3 per cent in the final quarter and by 12 per cent in 2011 as a whole. Although bare land values rose slightly more slowly than equipped ones, their greater resilience in 2008 and 2009 means that bare land values have risen by 50 per cent since the start of 2008, making it one of the best performing assets during the recession." Dr Jason Beedell, Head of Research at Smiths Gore, added: "Although the amount of land for sale remains at historically low levels, there were more equipped farms for sales in 2011 than in 2010 and 2009, and more units for sale in the final quarter of 2011 as well. 2011 was the first time more than 100,000 acres of equipped land was for sale since 2008." There were the fewest bare land sales in the final quarter of 2011 for four years but, for the year as a whole, a similar amount of land was marketed in 2011 as in 2010 and more than in 2009 and 2008. Smiths Gore and the CLA in the East Midlands and East Anglia say they expect prices to rise in 2012 - as the market fundamentals that are driving prices up have not changed. The amount of land to buy is still very small and demand from farmers, in most places, remains strong. |
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