Lack of stock and favourable exchange rates for foreign purchasers has continued to drive up prices at agricultural machinery auctions.
Prices at auctioneers Cheffins’ August sale grossed higher results than for the previous two years.
The August sale saw totals up 17 per cent on the same month in 2016 and 104 per cent on the same month in 2015.
Second-hand machinery sales continue to gross higher results than the pre-Brexit vote, reports the auctioneers.
Bill Pepper, Director, Cheffins, reports on the sale: “Harvest, holidays and the tail-end of hay-making all have a negative impact on what goes on in the yard and quite often August happens to be our quietest and slowest month of the year.
“Despite having a more concentrated entry than previous auctions, the overall result was the best for an August sale since 2013 and continues the great run of auctions we’ve had now since the Brexit vote last year.
“Exchange rates obviously play a part but it’s the lack of stock which brought many a trader both from the UK and abroad to the auction to buy much-needed kit.”
Tractor sales in the UK have begun to improve in the first half of 2017, after a period of relative decline.
Meanwhile, Agricultural Engineers Association (AEA) says UK exports of agricultural and outdoor power products rose by 3.1% in 2016 to £1.76 billion.
