Land values:
the national view
Average farmland values in England and Wales continued their upwards climb in Q1 2024.
With annual growth picking up pace a little and CPI inflation falling sharply, both arable and pasture land values are now rising faster than inflation.
Easing inflationary pressures and the prospect of interest rate cuts offer welcome relief for farmers. Fuelled by these factors, along with a significant cash presence and a growing natural capital market, market sentiment remains high.
While historically low supply has limited activity in recent, a noticeable increase in Q1 with further anticipated growth in Q2 could significantly boost transaction volumes. With robust demand and rising availability, farmland values are likely to continue their upward trajectory.
£9,667
per acre
Average arable land value in Q1
from
Q4 2023
+0.9%
+4.3%
from
Q1 2023
£7,806
per acre
from
Q4 2023
+0.7%
+3.9%
from
Q1 2023
Farmland
Market Update
Agricultural land values continued to rise steadily in the first quarter of the year. An influx in supply over the coming months is likely to be met with robust demand, boosting market activity.
“Land value growth has not entered negative
territory in over three years.”
FIGURE 5
Commodity prices
Source: Carter Jonas, AHDB, Farmers Weekly, Defra, ONS, OPEC
Input
Outputs
CRUDE OIL
Unit
Latest data
Date
Quarterly change
Annual change
£/barrel
66.3
March '24
6.1%
2.5%
Fertiliser
Unit
Latest data
Date
Quarterly change
Annual change
£/tonne
342.0
March '24
-3.4%
-26.5%
Red Diesel
Unit
Latest data
Date
Quarterly change
Annual change
pence/litres
85.3
March '24
1.8%
-11.4%
Feed Wheat
Unit
Latest data
Date
Quarterly change
Annual change
£/tonne
177.5
March '24
-9.1%
-18.7%
oilseed rape
Unit
Latest data
Date
Quarterly change
Annual change
£/tonne
373.2
March '24
0.7%
-11.8%
MILK
Unit
Latest data
Date
Quarterly change
Annual change
pence/litre
37.3
Feb '24
-1.2%
-22.3%
BEEF
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
493.9
March '24
16.0%
1.4%
Pork
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
208.3
March '24
-1.1%
-1.8%
Click a location for
a local overview
East of England
Arable
Pasture
£7,250
£6,500
£11,250
£9,250
£9.500
£7,500
2.7%
0.0%
7.3%
7.1%
Low
£ / acre
Prime
£ / acre
Average
£ / acre
Quarterly %
Annual %
East of England land values
North West
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£8,000
£6,500
£12,000
£10,000
£10,000
£8,000
0.0%
0.0%
0.0%
0.0%
Pasture
North West land values
Wales
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£8,250
£4,250
£10,000
£8,500
£8,500
£6,500
0.0%
0.0%
0.0%
0.0%
Pasture
EMAIL Hugh
01248 360417
Partner
Hugh O’Donnell
Wales land values
North East
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£6,500
£4,250
£8,750
£6,500
£7,500
£5,750
0.0%
0.0%
4.2%
0.0%
Pasture
EMAIL Sam
01423 707801
Associate Partner
Sam Johnson
North East land values
Yorkshire and the Humber
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£8,000
£5,500
£11,000
£7,250
£9,000
£7,000
0.0%
0.0%
1.7%
2.2%
Pasture
EMAIL Sam
01423 707801
Associate Partner
Sam Johnson
Yorkshire and the
Humber land values
East Midlands
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£8,250
£6,750
£11,000
£9,000
£9,250
£8,000
0.0%
0.0%
5.1%
3.2%
Pasture
East Midlands land values
West Midlands
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£9,500
£7,000
£14,000
£12,000
£11,500
4.5%
5.6%
4.5%
5.6%
Pasture
EMAIL EDWARD
0121 3060386
Associate Partner
Edward Beale
West Midlands land values
South East
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£9,250
£8,000
£12,250
£9,500
£10,750
£9,000
0.0%
0.0%
4.9%
2.9%
Pasture
EMAIL Andrew
07880 084633
Partner
Andrew Chandler
Wales
West Midlands
East Midlands
South west
South east
East of england
Yorkshire & the humber
North east
North west
Get in touch
Hover over a trend for more info
South West
Arable
Low
£ / acre
Prime
£ / acre
£ / acre
Quarterly %
Annual %
Average
£10,000
£7,000
£12,000
£11,000
£11,000
£9,000
0.0%
0.0%
10.0%
12.5%
Pasture
EMAIL David
01823 428591
Partner
David Hebditch
South West land values
EMAIL Andrew
07880 084633
Head of Rural Agency
Andrew Chandler
New, publicly marketed farmland supply was 49.3% higher than the level of supply in the first quarter of 2023. Yet, the wet weather has delayed numerous launches, indicating the usual surge of supply in the spring will be greater than in recent years. Nonetheless, an increase in availability this by no means represents an oversupply, with demand persisting from a range of buyers.
There have been recent developments for the new Environmental Land Management (ELM) schemes with important implications for the land market. In particular, the government confirmed that land managed under an environmental agreement will fall within the scope of agricultural property relief (APR) from inheritance tax (starting April 2025). A cap on the proportion of land than can be taken out of production for the Sustainable Farming Incentive (SFI) was also announced. This helps to address food security concerns by mitigating significant shifts in land use.
Supply and
demand
Commodity price trends
£1,000
£2,250
£1,700
0.0%
7.9%
Hill
£500
£1,500
£1,000
0.0%
0.0%
Hill
£1,800
£2,900
£2,250
0.0%
4.7%
Hill
£11,000
£14,000
£12,500
0.0%
2.0%
Lifestyle
£1,800
£3,850
£2,750
0.0%
5.8%
Hill
£10,750
£15,750
£13,250
0.0%
1.9%
Lifestyle
£11,000
£13,000
£12,000
0.0%
0.0%
Yorkshire Wolds
£13,250
£25,000
£16,750
0.0%
0.0%
Lifestyle
£8,250
£14,000
£10,250
2.5%
13.9%
Silts and Fen
£25,000
£16,000
0.0%
0.0%
Lifestyle
£13,500
£25,000
£17,000
0.0%
1.5%
Lifestyle
£8,250
£14,000
£10,500
2.4%
13.5%
Silts and Fen
£16,000
£35,000
£22,500
0.0%
12.5%
Lifestyle
SHEEP
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
797.8
March '24
35.9%
47.3%
CHICKEN
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
376.0
Feb '24
-3.3%
1.6%
EMAIL SOPHIE
020 7493 0685
Research Associate
Sophie Davidson
FIGURE 2: Annualised Growth of Average Land Values in England and Wales
FIGURE 1: Average Land Values in England and Wales
South East land values
FIGURE 4: Cumulative publicly marketed farmland supply
FIGURE 3: Year-to-date publicly marketed farmland supply
£12,500
£9,500
Carter Jonas continues to monitor the changing nature of the farmland market and the influences on land values in England and Wales.
Please note that values vary depending on the quality of the land and local dynamics, among many other factors. Speak to your regional expert (at the bottom of this page) for location-specific advice.
Land values:
the regional view
Q1 2024
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Average pasture land value in Q1
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Land values: the national view | Land values: the regional view | Supply and demand | Commodity prices
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Chyverton Estate, Truro / extending to 233 acres / Coming soon
WEST MIDLANDS
NORTH EAST
SOUTH WEST
WALES
NORTH WEST
YORKSHIRE & HUMBER
EAST MIDLANDS
EAST OF ENGLAND
SOUTH EAST
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Inputs
Outputs
Crude Oil
Fertiliser
Red Diesel
Milk
Beef
Feed Wheat
Oilseed Rape
Pork
Sheep
Chicken
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EMAIL Sam
01423 707801
Associate Partner
Sam Johnson
EMAIL Jamie
01223 346592
Senior Surveyor
Jamie Elbourn
EMAIL Jamie
01223 346592
Senior Surveyor
Jamie Elbourn
EMAIL Jamie
01223 346592
Senior Surveyor
Jamie Elbourn
EMAIL Jamie
01223 346592
Senior Surveyor
Jamie Elbourn
EMAIL Sam
01423 707801
Associate Partner
Sam Johnson