Fields of Gold

It’s business as usual in the UK’s rural property markets following the Brexit vote according to The Central Association of Agricultural Valuers (CAAV). Fears over discontinuation of the Common Agricultural Policy subsidy have weighed heavily post Brexit, but a commitment that this will be upheld until 2020 provides some relief to a market that has witnessed price depreciation prior to Brexit. RICS figures from August note that the average price for farmland in H1 2016 fell to £10,750 per acre. In a briefing note, the CAAV warned against the assumption that Brexit had ‘automatically changed values in the market’. Whilst acknowledging some easing in values over the past year, both tight supply and the weakening of sterling were noted as defensive forces.