All change for the land market?
Back in 1963, President John F. Kennedy was quoted as saying: “Change is the law of life. And those who look only to the past or present are certain to miss the future”.
In a past and present of uncertainty and volatility; and with increasingly negative media speculation in relation to the future economy, perhaps now is the time to sell up and move on?
We have been locked down, we are in a recession and we will, ultimately have to pay for it.
Increases in capital taxes are already talked about, as are EU and global trade deals (or lack of), and subsidies are reducing with an increasing emphasis on environmental management.
For some, the future may be retirement; whether this be through age, succession or business risk and this will be the end of the road.
For others, the future means charting a new course, and navigating a path calmly and steadily forwards. It may mean restructuring, diversifying, and investing where land and buildings become available; which they will. Farming and
the agricultural industry has shown over the years the ability to adjust and be resilient.
We are fortunate to be located in a tremendously desirable part of a populated country, from both a residential and agricultural viewpoint.
The land market has changed over the last 12 months. We have seen a change in the approach to values being offered with a greater range of values dependent on size, quality and location. For most, and in our experience, 2020 sales have remained firm.
Recent sales demonstrate that blocks of good quality Kent farmland are still reaching £10,000/acre as are amenity blocks and diverse farmsteads offering multiple opportunities and income streams. Small holdings, such as the recently launched Pond Farm, with a high-quality accommodation, located in a secluded spot of around 10 acres, and featuring a large portal frame barn with the opportunities this presents remain highly sought after.
Base rates remain historically low, with some increases in margins evident, but overall costs of lending are still favourable. Through our AMC Agency work and successful recent applications its clear many businesses are looking positively towards the future: buying land, new farm buildings, converting buildings, diversifying and providing on farm accommodation to support the next generation.
If you are considering buying/selling land, conversion of buildings, require funding, considering development potential, succession planning or general advice we are able to help. Contact us here.
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