RICS report on Sussex Farmland
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
RICS Report on Sussex Farmland
Summary
The price of farmlands in Sussex is increasing due to interest from non-farming investors.Article Body
Farmlands in Sussex, UK are attracting a new wave of investors, boosting demand and driving up prices. A recent survey by the Royal Institution of Chartered Surveyors (RICS) highlights this trend.As of the third quarter of 2004, the average price for Sussex farmland is nearing £10,000 per hectare, with price increases comparable to those in the housing market over the past year.
According to RICS, prices have surged by as much as 30% in the last 12 months and have risen by 130% since the early 1990s. Despite these hikes, demand remains strong as non-farming buyers see potential investment opportunities in Sussex farmland.
One factor could be inheritance tax relief, although a more common reason is that non-farmers are purchasing adjacent farmlands to protect their high-value residential properties.
Although demand is strong, few sellers are entering the market, leading to a decline in sales to the lowest level noted by the survey.
Even with a noticeable drop in Sussex farmland sales in the third quarter, surveyors are optimistic about continued price increases over the next year. However, expected rises in interest rates might moderate future price growth, and a clearer understanding of the Single Farm Payment regime could increase land availability next year.
You can find the original non-AI version of this article here: RICS report on Sussex Farmland.
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