FPD Savills reports that it currently has potential purchasers with £80m available, seeking to acquire farmland in the north of England.
This is far more than last year. Further analysis reveals that 63pc of applicants are cash buyers with over half seeking properties valued at £1m or more. The spread is fairly even between those seeking commercial arable units, grass units and amenity farms.
Last year the bulk of cash buyers were seeking units of 500 acres or more, however this year demand is more evenly spread from 200 acres upwards. Applicants for grass farms vary from those seeking small amenity or hobby farms through medium-sized stock farms, to a surprising number seeking well-equipped dairy units in excess of £1m. This trend may continue until the restructuring following the foot and mouth has been completed.
There are an increasing number of purchasers for residential farms, 82pc of whom are cash buyers.
At present there is still no sign that large quantities of land will come onto the market, although an increased number of farms will be advertised in March.
£80m to spend.
Updated: 10:15 Thursday, February 28, 2002
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