Farm land prices still on the rise

Last updated 19:41, Thursday, 27 March 2008

HUGE rises in Cumbrian farmland values are showing no signs of slowing down.

A 22-acre block of grazing land at Churchrigg, Wigton, sold for £6,556 per acre at auction; £1,500 per acre more than expected.

Norman Millichap, of Churchrigg Farm, sold the land across the main road from his farm, and bidding between two local farmers was eventually won by David Harrison, of Dundraw Farm, Wigton, who paid £143,000.

Ian Ritchie, of Hopes of Wigton land agency, said: “Three years ago, the land would have gone for £4,500 an acre.

“We expected it to go for about £5,000 an acre.

“There were two local purchasers both wanting it. It boils down to supply and demand.

“It’s too soon to jump to conclusions but I think prices will continue to rise.”

The increase in county land values over the last two years is unprecedented. Much of it has been fuelled by Irish buyers and investors keen to put their money into something secure.

Around 90 people gathered for last week’s auction.

A productive field near Westnewton surpassed expectations when almost nine acres sold for £42,000 (£4,789 per acre).

A further auction of 15 acres of land at Seaville, Silloth, will be held on April 15 by Hopes.