Farmland prices in Yorkshire have fallen over the last year ... and are expected to dip further.
Figures released by the Royal Institution of Chartered Surveyors UK Rural Land Market Survey show that during the second half of last year the average price of farmland per acre in the county was £6,813. During the same time period a year earlier the average price of farmland in the region was £7,625.
Comparatively, farmland per acre in Scotland - in the second half of last year – was the cheapest at £4,250, followed by the North East at £6,125. It was the most expensive in the West Midlands where the average price for farmland per acre was £8,500, followed by the South East at £8,253 per acre.
The latest results show that the average price of arable land per acre in Yorkshire and Humber dipped slightly to £8,125 last year compared to £8,750 in 2016 while the average price of pasture land per acre also fell from £6,500 in 2016 to £5,500 in 2017.
The availability of farmland for sale in Yorkshire and Humber continued to decline over the second half of last year.
Tamara Hooper, RICS Policy Manager said: “The latest data continues to show the need for clarity from Government for the rural community. We have seen demand, prices and rents fall since the EU referendum and now our latest survey results point to less availability of land for would-be buyers. RICS has continuously called for Government to support agriculture and horticulture and when 60% of the sales market is driven by farmers it is clear that Government need to provide yet more clarity and certainty.
“However, we cannot deny that the nature of rural land-based businesses continues to evolve. With the inevitable restructuring of UK agriculture ahead, there will be a need to support all rural business activities beyond primary agricultural production.”