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Staggering land prices beyond expectations

At a time when agriculture is being hit by one crisis after another, farmers could be forgiven for deciding to call it a day and sell their land.

That option becomes ever more tempting when you consider the price of land currently.

Rural land agents Brown & Co reported that a 1.75-acre of farmland in North Norfolk sold for £107,500 at an online land auction. The land, at the edge of heathland at Salthouse near Sheringham, was one of several parcels of land that all sold for a price far exceeding the expectations of the land agents.

The guide price for the land was £20-30,000 and bidding began at £15,000. Two days later and the bids had risen to £90,000 with the hammer finally coming down, after 80 bids, at £107,500.

Another 6.8-acre plot of land on Thornham Road in Methwold, which was set out as a number of paddocks with consent for equestrian use and with a number of timber stables, sold for £138,000 after 44 bids.

Speaking to the Eastern Daily Press, Andrew Fundell, a partner in the agricultural business consultancy division at Brown & Co’s Norwich office, said: ‘This method of sale by unconditional online auction has been extremely successful and showed there is a real appetite among buyers for small parcels of land.

‘If you are a landowner, and have small blocks or areas of unproductive land now is a great opportunity to take advantage of this market and to generate income to either repay debt or to invest in another capital project.’