Demand pushes farmland prices to record highs

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PRICES for farmland in the region reached record highs in the second half of last year, a survey has shown.

The RICS Rural Land Market Survey, H2 2012 says growing demand for land has pushed the prices up as farmers look to cash in on high agricultural commodity prices by expanding.

The survey says the average price for land per acre is now £7,000 – £437 more than in the first half of last year.

RICS spokesperson Sue Steer said: ‘With demand for commercial farmland continuing to grow and the continued lack of land to meet supply, prices look set to climb new highs.’