Cambridge area land still big business
The rural agency of Carter Jonas has concluded the sale of just over 25 acres of arable land in Cambridgeshire which, driven by strong competition between neighbours, sold significantly in excess of the guide price.
The land is situated on the northern edge of the village of Burrough Green – 14 miles east of Cambridge UK (Europe’s leading technology cluster) and five miles south of Newmarket – and was brought to market by Carter Jonas in the early autumn, attracting buyer interest almost immediately.
The sale – for which no figures are being disclosed – sees the Grade 2 productive arable land bought by a near neighbour for conversion to equine use.
Mark Russell, a rural partner of Carter Jonas, said: “The conclusion of the sale is representative of a year in which East Anglian arable land prices continued to rise with values like this, at the highest end, achieving in excess of £12,000 per acre and the average ranging from £8,000 to £10,000 per acre.
“With the weight of money chasing arable farmland it’s more than likely that average values will continue to grow in 2014. We would encourage owners to trade on the open market unless a private deal is at the very top of the market.”
Sounding a note of caution, Russell added: “The land market has been counter cyclical so that during turbulent times it has been a haven for wealth. While we can see reasons why the average land value will continue to rise, now may be the time to consider selling to take advantage of the best prices.”
• PHOTOGRAPH SHOWS: Mark Russell