The escalating value of agricultural land was confirmed when a 2.4 acre parcel of land in Kent fetched a record £76,000 at auction.
The pasture land at Bitchet Green, Kent, was sold by chartered surveyors and estate agents Ibbett Mosely at their second property auction. The previous record for agricultural land locally is £15,000 per acre, so the vendor was delighted with the staggering £36,000 per acre that was reached during bidding.
Senior Partner at Ibbett Mosely in Sevenoaks Dr Robert Wickham said: “We are delighted that the land was sold for such a large amount and our client is thrilled
Average asking prices are up 0.5% at £243,737 compared with the last peak in May 2008, at the start of the recession, according to the Rightmove House Price Index.
The number of properties for sale increased by 8.1% outside of London but overall supply is still down 30% compared with April 2007. This, and the more active spring market, are buoying up seller confidence, Rightmove said.
The South West, where supply is down 5.5% on last year, is seeing a record-breaking average asking price of £270,735, while the South East and East Anglia are just £810 and £2,489 off their previous peaks.
Farmland prices in England rose on average by 0.4% in the first three months of 2012, following drops of almost 1% in each of the final two quarters of last year, according to the latest index from Knight Frank.
The average value of agricultural land is now £6,073 per acre, just £83 below the record high of £6,156 per acre reached in the summer of 2011.
‘We predicted that the slight drop in the value of land in the second half of 2011 was not the start of a more significant trend. The upturn in values so far this year bears this out and we expect further growth of about 6% during the rest of
The Royal Institution of Chartered Surveyors (Rics) said that, during the month, 9% more surveyors reported a rise in inquiries from potential buyers than those reporting a fall. Rics said the warmer weather encouraged some potential buyers, while others wanted to snap up properties before a holiday from stamp duty ended.
However prices in all regions except London continued to fall. Overall, 10% more surveyors reported falling house prices in March than those reporting a rise. However, this was the least negative reading since June 2010. The declines in prices were modest, Rics said, with
The latest Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Housing Market Survey showed a rise in transactions.
There were also increases in enquiries and new instructions, according to respondents. However, the majority of surveyors are still reporting falling house prices, with prices expected to continue to fall in the months ahead.
RICS Northern Ireland housing spokesman, Tom McClelland, said: "The dramatic improvements in affordability in the Northern Ireland housing market since 2007 have been highlighted by a range of surveys.
House prices in the UK in the first quarter of 2012 were little changed compared with the final quarter of 2011, showing a decline of just 0.1%, according to figures released last week. This is the same as the slight fall recorded between the third and fourth quarters of 2011 and the underlying trend indicates broad stability in UK house prices, the Halifax said.
The more volatile monthly figures continue to fluctuate as a result of the historically low level of sales volumes, increasing by 2.2% in March following February's 0.4% fall.
‘Efforts by first time buyers to beat the expiry of the
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House prices were pushed lower than a year ago for the first time in six months after a 1% dip in March compared with February, the Nationwide said.
The price of an average home was down 0.9% compared with a year earlier, at £163,327, the building society said. This was the biggest annual fall since June 2011. Nationwide said that the slowdown was to be expected owing to changes in stamp duty rules creating a "headwind" in an already difficult environment.
"In our view the challenging economic backdrop is likely to continue to act as a drag, with house prices moving sideways or modestly lower
A £4.25m post-auction sale from Jones Lang LaSalle’s 6 March catalogue has taken the firm’s success rate to 88%.The property, known as Units 1-8 Thistlebrook Industrial Estate in Greenwich London comprised a long leasehold geared industrial investment let to the local authority.
A £4.25m sale reflects a net initial yield of 5.80%. The buyer is understood to be a small family-run property company.
Jones Lang LaSalle has previously raised £5.7m at its March auction, achieving an 82% success rate.
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