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Struggling farmers are deserting the countryside and causing the price of land to drop, according to a survey by the Royal Institution of Chartered Surveyors (RICS).
The cost of farmland has been falling for over a year, with sales down 50% since 1998. Returns in the farming industry have
also been steadily falling, with land prices are starting to reflect the financial pressures people who work the land face.
Farmers also face an uncertain future until the latest Common Agricultural Policy reforms are implemented.
Overall, land prices fell 5% during the final quarter of last year, with non-farming buyers outnumbering farmers for the first time since 2004.
RICS spokeswoman Sue Steer commented: “Rural homes are playing catch-up with the
national market and are not yet mirroring the small rises being seen in the
wider market.
"A large proportion of buyers in the market seem to be families escaping to
rural life. The rising costs of energy are now contributing to this squeeze on
incomes especially for dairy farms, who use the most”.
Source:
RedAlert
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