wizz
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land price inflationI'm sure that there is a thread about this - excuse my laziness for not finding it to pick up...
My sister and partner have been keen to buy a bit (just under an acre) of agricultural land adjoining their house to develop into an orchard. The farmer who used to own it was never keen to sell them any - always had an excuse/reason not to. However he recently sold up (I think more than 200 acres (including the land in question)) and the new farmer is only too delighted to sell on some land to my sister and their neighbour (who want to accommodate their horse). Whilst they expected to have to pay a much inflated price from that which the land had originally changed hands for (she worked it out as being 7K per acre - which seemed expensive in itself in view of the acreage involved) they were a bit shocked to hear that they're being asked for 20K per acre plus paying vendors legal fees and put up fencing on completion (plus it has the usual development restrictions) . They realise that the price probably reflects the fact that their neighbours have equestrian designs on the land - but 20K plus legal fees feels a bit expensive!!!
However I guess at the end of the day the land is worth what they are prepared to pay... and what the landowner is prepared to accept... I suspect it will take a lot of haggling before anything gets agreed!!!
wizz
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Calli
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The price will also reflect the added value to your sisters property. i would guess that the incremental valuation would be alot more than 20k.
(They aren't thinking of keeping a horse on less than an acre are they?  )
They may get a nasty shock as to the amount of poaching and general damage to land a horse cane do - not to mention eating the orchard
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tahir
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That's not expensive.
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Chez
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I think that's about par for the course - the smaller the amount of land, the higher the price per acre or part thereof. I heard of someone being asked for £50K for half an acre backing on to their garden
I do think it also depends on the attitude of the vendor, though. A mate has been asked £5k for a similar half acre plot in Devon. So it varies.
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Rob R
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| Chez wrote: | | I think that's about par for the course - the smaller the amount of land, the higher the price per acre or part thereof. I heard of someone being asked for £50K for half an acre backing on to their garden |
Ten acres next door has recently gone for almost as much as we paid for 37 with a couple of buildings, road frontage & a water supply Less is more really does apply with land (it also helped that ours looked a complete mess from the road end).
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dpack
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it also depends what you want it for as to what is a good price
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wizz
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No - they have no equestrian designs on their potential acre - its their neighbours who are the equestrian types (and who want about 3 acres).
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RichardW
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| wizz wrote: | | No - they have no equestrian designs on their potential acre - its their neighbours who are the equestrian types (and who want about 3 acres). |
But that will set the price. He wont sell to them at one price & you at another. Also land next to a house will fetch far more than normal agri land. £20k does not seem dear when plain old agri land is going for £10k ish dep on area & type. Get it soon they are not making any more & the price will only go up or not be avaliable for purchase as they wont sell whilst its cheap. The smaller the plot the more it will cost.
Justme
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Jonnyboy
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We got half an acre for 2.5k. It's only suitable for goats mind you.
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Rob R
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| Justme wrote: | | £20k does not seem dear when plain old agri land is going for 210k ish dep on area & type. |
I'm sure that must be a mis-type?
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RichardW
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| Rob R wrote: | | Justme wrote: | | £20k does not seem dear when plain old agri land is going for 210k ish dep on area & type. |
I'm sure that must be a mis-type? |
Yep £10k ish
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Nick
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DAMN. I was all set to sell off a few acres.
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