Land adjacent to Durham City sells for £17,000 per acre!
Demonstrating a continuing demand for land, at a public auction in early March, 11.76 acres of grassland close to Durham city centre and with possible development potential sold for well in excess of its overall guide price at £200,000.
Earlier this month we achieved a price of £17,000 per acre for 11.76 acres of grazing land at Whitesmocks, only one mile from Durham city. Split into two lots of 6.28 acres and 5.48 acres, the land was offered for sale by Public Auction with a guide price for the whole acreage of £177,000.
With highly competitive bidding, the land was secured as a whole for £200,000. This sale indicated what I expected to be a trend in UK land sale prices this year.
In advance of the sale the land had attracted considerable interest, which we had of course anticipated. Rarely does amenity grassland come on the market so close to the city centre of Durham, this was a real investment opportunity.
Land values were rising steeply at the end of last year and we were expecting the market to continue the trend this year. Certainly, this auction has shown that there are no signs to the land market diminishing.
With Spring now here, for anyone with land to sell, whatever the acreages or location, this is a good time to bring it to the market and at H&H Land & Estates we routinely have buyers keen to both invest and to increase their acreages.
Across the North of England there continues to be a shortage of land being brought forward for sale, and with demand for land for a growing number of alternative uses, it is making the market difficult to predict. But the price achieved for the land at Whitesmocks suggests that if you have land to sell, now really is a very good time to consider bringing it forward to market.”
If you have any questions or queries on selling land, you can contact Tim at 0191 370 8530 or at [email protected] .