RICS expresses concerns for rural markets post-Brexit

Surveyors are calling for more Government support for rural communities, claiming land prices continue to fall due to Brexit.

RICS says demand for rural land has slowed and the amount of land available for sale has also decreased across Great Britain for the first time since 2014, with 19% more respondents noting a decline in availability, according to a survey.

Farmland prices also dropped to £10,233 per acre in the second half of 2016, down 7% year-on-year, RICS says.

Gerard Smith, chairman of the RICS Rural Board, warns that the move away from the Common Agricultural Policy gives an opportunity to reset the British agriculture and environmental policy framework.

He said: “It is clear we are now in uncertain times and beginning to evidence the impact on land values.

“Coupled with continued declining agricultural profitability, the uncertainty caused by Brexit, and concerns regarding levels of agricultural support post 2020, greater caution is being exercised by both buyers and sellers.

“This is combined with a stronger divergence between land values based on quality and location.

“Demand, supply and average land values have fallen, and price predictions going forward suggest further declines.

“However, as always, the right land in the right place should sell.”


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