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Land across England is proving to be a popular choice for investment following successful auctions in both Yorkshire and the South West.
Two lots of land near Marton cum Grafton in North Yorkshire auctioned by Carter Jonas on Wednesday 19 May achieved a final sale price of almost £300,000 over the combined guide price.
The first lot of 41.8 acres was brought to the market with a guide price of £230,000 and was sold for £335,000 (£8,014/acre) while Lot 2, a 63.9 acre plot, achieved £185,000 over its £345,000 guide price with the gavel finally falling at £530,000 (£8,294/acre). Both lots were sold to local farmers.
On the same day, Carter Jonas’s Southern auction team headed by partner Kit Harding also found strong interest in land in the South West following a collective sale in Bath, with several lots of bare land achieving higher than expected values.
These included 4.8 acres of pasture land with stables at Henley Hill, which achieved a final price of £8,333 per acre and a plot of 6.5 acres near Blagdon, Bristol, which sold for £50,000, equivalent to £7,692 per acre.
The strongest interest from bidders was 16 acres at Evercreech in Somerset, running down to the River Alham. It was bought by a neighbour who beat off the competition after bidding £93,000, equivalent to £5,812 per acre.
Andrew Fallows, Partner at Carter Jonas and Head of Auctioneering for the North comments:
“We knew the land at Marton cum Grafton had received a lot of interest, but the final sale values exceeded our upper expectations”.
“The amount of interest received at both auctions demonstrated the strength of the market across both the north and south of England, as purchasers see land as a safe asset in an uncertain world.”
Carter Jonas has also been instructed to sell a 120 acre block of arable land south of Boroughbridge in North Yorkshire. The plot is offered by Private Treaty either as a whole or in up to three lots.