Land values may have peaked, after having risen by some 300 per cent over the last ten years.
Andrew Black, director rural at Savills, believes that, despite the value of land reaching a peak, it will not necessarily decline immediately. However, he predicts that it could fall by up to 10 per cent in the next three years.
“Any market that rises so far, so quickly has to at some point reach a peak or a plateau,” he said.
Current prices are variable, he says. Where there is competition, some pieces of land are achieving good prices. Other land is attracting little interest.
Arable land values in the eastern counties of England, where values have been highest, had fallen this year, said Savills, while grassland values, which have lagged behind arable values, continued to increase.
