Looking for rural retreat after lockdown
Despite publicly marketed farmland supply in the UK remaining at an all-time low, there are signs of confidence gradually returning across the Midlands.
With UK year to date offerings 52 per cent down on the same period in 2019, 47 per cent of the 36,600 acres that were brought to market in the first six months of this year were launched in June, according to our half-year GB farmland report.
Supply levels in the East Midlands are only six per cent down for the same period as last year coming in at 3,899 acres although, in the West Midlands, it’s a slightly different picture where supply is down by 42 per cent at just 2,880 acres.
The most significant change to the market as lockdown measures have eased is the rise in interest for lifestyle and amenity properties which is being driven by buyers looking for a rural retreat, whether it be an estate, farm or a country house in an attractive setting.
More generally, demand for lifestyle and amenity farmland continues to surge as analysis of buyer-applicant numbers during the second quarter of 2020 shows roughly double the number of registrations compared to the same period last year. Furthermore, Savills’ website traffic for farms and estates remains 50 per cent above pre-lockdown levels.
Andrew Pearce is Head of Rural Agency in the Midlands at Savills
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