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Demand for farmland doubles: estate agent

Wednesday, 4 January 2017

Demand for farmland doubles: estate agent thumbnailGarry Best says “good quality” land is selling around £12,500/acre on average in South Down. 01910c

A GOOD year for the agricultural property market with land performing strongly - even with 51% increase in supply.
That was the description for 2016 which witnessed prices remaining undented, according to Newry-based Best Property Services.
The company oversaw the sale of 875 acres of farmland in 2016, compared to 450 acres in 2015.
Garry Best, managing director of Best Property Services and director of land services, said that 2016 was a good year for farm sales with 875 acres sold and four farms exceeding the million-pound mark.
“Good quality land is selling around £12,500/acre on average, although three separate land holdings in the Warrenpoint area (circa 40 acres) averaged £23,000/acres primarily due to shortage of supply in that locality.
“Building sites attracted more interest in 2016 than in previous years with top prices for rural sites of around £92,000 south of Newry, close to the A1, whereas rural sites sold at an average of £45,000-£55,000.
“Rostrevor being the exception where a price of £400,000 was achieved for a lough view site," Garry added.
In terms of development land, the continuing trend of limited availability was evident through 2016, with few transactions.
Approximately three acres of residential development land with full planning consent for 38 units, close to the A1 between Newry and Loughbrickland sold at just under £150,000/acre, whilst four acres of zoned land on the south side of Portadown fetched a similar price per acre.
"Strong demand in this sector will see increased prices throughout 2017, until supply of land with planning consent for residential development land increases significantly," Garry concludes.

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