H&H Land & Estates review the North’s farm and land market over the first half of 2021 and look ahead to the rest of the year.

Having recently launched a flurry of new rural sales to market, and with one auction having gone for a substantial 35 percent above guide price, it’s safe to say H&H Land & Estates are feeling optimistic about the region’s current state of land trading. Demand for land and farms is continuing to outstrip supply across the North of England, and many are enthusiastic about making the most of the current selling conditions.

Here Thomas Armstrong, Director & Chartered Surveyor for H&H Land & Estates reflects on how land trading in the region has fared across 2021 so far and highlights his hopes as we move into autumn.

“Traditionally, land and properties have been brought to the market in time for an Easter launch, though we are no longer seeing such an influx in the spring time. Instead, people are buying and selling increasingly throughout the year now. This year, after a slow start this season this year, we have had a surge in properties over the last 4-6 weeks. Demand from buyers has been strong, often outstripping property availability, and there is no sign of this demand slowing. The number of sales agrees and sold prices have been consistently strong, probably stronger than anticipated and certainly stronger than in previous years.

“In general, the market seems buoyant. Low interest rates, tax advantages, strong agricultural trading and outside investors are all driving the trade. Both buyers and sellers are continuing to embrace change and adapt to new circumstances, which is reflected in the surges we have seen recently in land being traded. I am very excited by the phenomenal selling seen across certain regions, with some properties having sold in just a few days.

“In terms of rural grants and funding, the proposed BPS retirement payment is proving to be less attractive than first thought. Many landowners are instead considering selling and taking advantage of the booming market. We also now have the terms for the proposed phasing out of the Basic Payment Scheme. Which will be sudden and painful for a lot of business. This is leading to a lot of people quite rightly concerned about the future. Why wait five years? Many people are now splitting their options and taking advantage of the trade now.”

“Most recently, we have launched a 500-acre livestock farm to market, situated within the heart of the Lake District National Park. Greenclose Farm is a high quality and productive Cumbrian livestock farm around seven miles from Penrith, offering superb quality mowing and grazing land and an excellent range of traditional and modern buildings. Farms of this size in this part of Cumbria being brought to the open market are increasingly few a

“Overall, everything is positive but there are still some isolated pockets of land which are not finding a strong market, but these are an anomaly, rather than a trend. As a whole, I am really encouraged by the state of the market over the first half of the year and am looking forward to seeing what the coming months may have in store. As we move into autumn, my hopes are that as confidence continues to grow again, we will hopefully see even more people returning to the property market in 2021.”