Land values:
the national view
Average arable land values in England and Wales held firm this quarter, while average pasture land values increased marginally.
Greater supply is creating more choice for buyers and tempering price growth. Far from suggesting a downturn, the deceleration in growth is indicative of a well-balanced market.
The election was a key talking point in the second quarter, but it did not disrupt market dynamics. Instead, sentiment is largely optimistic, with the prospects of period of political stability beneficial
for the industry.
While some economic concerns remain, positive signs are emerging. CPI inflation aligned with the Bank of England’s 2% target rate in May, paving the way for interest rates cuts in the near future.
£9,667
per acre
Average arable land value in Q2
from
Q1 2024
+0.0%
+1.6%
from
Q2 2023
£7,833
per acre
from
Q1 2024
+0.4%
+2.0%
from
Q2 2023
Farmland
Market Update
The farmland market was steady but active in the second quarter of the year, with an uplift in supply fostering a well-balanced market. Market sentiment is bolstered by both the prospects of a period of political stability and a brighter economic outlook.
“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
65.5
June '24
-1.2%
9.9%
Fertiliser
Unit
Latest data
Date
Quarterly change
Annual change
£/tonne
329.7
June '24
-3.6%
-2.8%
Red Diesel
Unit
Latest data
Date
Quarterly change
Annual change
pence/litres
82.7
June '24
-3.0%
5.5%
Feed Wheat
Unit
Latest data
Date
Quarterly change
Annual change
£/tonne
203.8
June '24
14.8%
5.1%
oilseed rape
Unit
Latest data
Date
Quarterly change
Annual change
£/tonne
398.27
June '24
6.7%
8.0%
MILK
Unit
Latest data
Date
Quarterly change
Annual change
pence/litre
37.9
May '24
-2.2%
0.9%
BEEF
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
478.0
June '24
-3.2%
-1.0%
Pork
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
209.0
June '24
0.3%
-4.2%
Click a location for
a local overview
East of England
Arable
Pasture
£7,500
£6,750
£11,250
£9,250
£9,500
£7,500
0.0%
3.3%
6.7%
9.2%
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
£10,000
£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%
0.0%
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%
0.0%
0.0%
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
£7,000
£11,000
£9,000
£9,250
£8,000
0.0%
0.0%
2.8%
2.6%
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
0.0%
0.0%
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%
0.0%
0.0%
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%
0.0%
0.0%
Pasture
EMAIL David
01823 428591
Partner
David Hebditch
South West land values
EMAIL Andrew
07880 084633
Head of Rural Agency
Andrew Chandler
Consistent with our expectations in the first quarter, the second quarter witnessed a notable increase in farmland supply. An improvement in weather conditions allowed for many planned launches to push ahead, bringing over 41,700 acres of new, publicly marketed land to the market.
The phase out of the Basic Payment Scheme (BPS) has accelerated farmers’ search for alternative income streams, with a growing focus on rapidly evolving environmental schemes (both public and private). Both the emerging biodiversity market (resulting from new biodiversity net gain requirements on developers) and the evolving Sustainable Farming Incentive are increasingly gaining traction.
Domestic produce prices remain highly susceptible to global market influences, particularly competitive pressure from cheaper imports. Looking forward, the industry will be hoping the new Labour government will deliver on their promises to ‘champion British farming’ and support domestic food production.
Supply and
demand
Commodity price trends
£1,000
£2,250
£1,700
0.0%
0.0%
Hill
£500
£1,500
£1,000
0.0%
0.0%
Hill
£1,800
£2,900
£2,250
0.0%
0.0%
Hill
£11,000
£14,000
£12,500
0.0%
0.0%
Lifestyle
£1,800
£3,850
£2,750
0.0%
0.0%
Hill
£10,750
£15,750
£13,250
0.0%
0.0%
Lifestyle
£11,000
£13,000
£12,000
0.0%
0.0%
Yorkshire Wolds
£13,250
£25,000
£16,750
0.0%
0.0%
Lifestyle
£9,000
£15,000
£11,000
7.3%
10.0%
Silts and Fen
£25,000
£16,000
0.0%
0.0%
Lifestyle
£13,500
£25,000
£17,000
0.0%
1.5%
Lifestyle
£9,000
£15,000
£11,000
4.8%
10.0%
Silts and Fen
£16,000
£35,000
£22,500
0.0%
0.0%
Lifestyle
SHEEP
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
782.0
June '24
-2.0%
-20.2%
CHICKEN
Unit
Latest data
Date
Quarterly change
Annual change
pence/kg dw
376.0
May '24
0.0%
-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
Q2 2024
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Average pasture land value in Q2
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Land values: the national view | Land values: the regional view | Supply and demand | Commodity prices
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Bilshay Farm, Dorset / 225 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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For more commentary, download the full report as a PDF.
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
