City slickers push up rural property prices


Mon 6th Aug, 10:10:53 BST

Buyers looking for a home with a sizeable portion a land attached have pushed up rural property prices, Knight Frank has reported.

According to the estate agents, the average cost of an acre of farmland in the UK rose to £3,805 during the first quarter of 2007, an increase of 27.3 per cent on the same period in 2006.

This represents the fastest rate of growth since 1977.

The firm also revealed that buyers wanting land purely as a lifestyle choice have also risen significantly in number over the past few years, with non-farming buyers now owning 25 per cent more land than they did a year ago.

Lifestyle buyers now own 28.8 per cent of UK land in comparison to the 36.8 owned by farmers.

"Wealth generation in London, and especially in the City, has contributed to significant additional demand and also has underpinned price competition, especially for farmland tied to residential estates to the west of London," the firm stated.

"With residential price growth at the top of the London market hitting 40 per cent and above in some prime locations over the past 12 months, substantial equity is available for bidding up the price of country estates."


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