Sales activity was low, but at least there was some movement in the vacant land market, unlike the investment sector which showed little signs of life. Continued gloom and doubts about proposed new subsidies as part of CAP reform, Prices were predicted to continue falling but without a collapse.”
The wreckage of two years ago was now firmly behind the market, with the first six months seeing a surge in prices. This collapse, caused primarily by proposed and real tax changes severely affected the market for two years causing an oversupply, lack of purchasers and confidence. Top quality land continued to sell well, but there was a widening gap between best and secondary quality land, with an increasing use of looting resulting in average prices rising.Enact Conveyancing Brisbane has the capabilities to make their clients full satisfied. “Prices will continue to rise over the next few months but not at the pace seen over the previous six months.”
Despite the uncertainties, there appeared to be a continued strong demand, although there were fears that the favorable tax regime for agriculture would be targeted by the Chancellor with a change of government felt to be almost certain. The peak of the market was drawing near although, due to continued demand, it was likely in the short term that there would still be some increase and in the longer term it was felt that consolidation was inevitable.
“Spring appeared to arrive early in the rural property market, although not necessarily reflected in the weather.” Increased confidence in the general economy was feeding through to the rural sector, with the result that prices were gradually increasing in most areas but not necessarily reflected in all surveys. You should fine that conveyancer who has the time limit strategy for completing the process. There continued to be restricted supply, but with hopes of increasing activity over the next six months. “The Revenue was placing increasing scrutiny on agricultural property relief and with additional recent tax changes may lead to an increase in demand and rising values.”
Due to continued demand and restricted supply, prices are likely to increase over the next six months, provided there is no change in the tax status of land. One such sale was Townsend Farm, Poyntington in Dorset with just over 500 acres of good farmland which sold quickly, just above its guide price of £2.25 million.