Record Land Prices for Cumbrian Farmland
Celebrating another successful auction this week with prices for land near Penrith reaching unprecedented levels.
At yesterday’s auction which we held in a packed sales ring at our sister company, Harrison & Hetherington’s flagship Borderway mart, two parcels of land up for auction saw unprecedented results, including the price for grazing land near Glassonby, Cumbria reach £20,000 per acre.
Exceeding everyone’s expectations the 43.79 acres of excellent quality cropping/mowing/grazing land at Glassonby, sold as a whole for a phenomenal 122% over the guide price of £395,000 at £880,000, representing £20,095 per acre.
The 26.76 acres of grazing/mowing land nearby Skelton was up for auction with a guide price of £280,000, the gavel finally came down at 20% over the guide, at £337,000, representing £12,593 per acre.
Throughout the year land we have sold both by auction and private treaty has reached new levels, however this was a sale which surpassed all expectations, with reference to the land at Glassonby, we knew there was strong interest, so we were expecting this land to sell for significantly more than the guide price. We were predicting between £12-£15k per acre. However, we were absolutely astounded at the interest on the day. The land sold to a local dairy farmer and understandably the vendor was absolutely delighted.
For many years no land has been sold in this particular area, it selling for this amount, I believe, is potentially a sign of the times. Location is key and if you have land adjacent or near large successful expanding farming enterprises it will continue to demand a premium.
We continuously find public auctions as an increasingly popular method of sale, particularly with the current market finding demand for land outstripping supply. We are hoping for similar success at our next public auctions:
Thursday 1st December at 2.30pm at Cartmel Village Hall: Land at Howbarrow Farm, Cartmell - 2.73 acres of meadow land.
Tuesday 13th December at 3.00pm at Kirkby Stephen Auction Mart: Land at Ousby – 0.75 acres of grazing land; Land at Burrells, Appleby – 56.98 acres of mowing/grazing land; and 50 Stints on East Stainmore Regulated Common.
Wednesday 21st December at 2.30pm at Silecroft Village Hall: Land at Kirksanton – 84.84 acres of meadow, pasture land and woodland offered as a whole or in four lots.
For any further information on any of these auctions, please don't hesitate to get in touch: