Demand still high for homes in rural locations

Whilst the rest of the property market remains subdued, agricultural properties and land remain buoyant as was demonstrated this week at the sale of Storth House Farm, Bolsterstone and Nether Farm Barn, Low Bradfield, both near Sheffield. Bucking the trend of poor auction results, the sale attracted over 100 interested parties, with high spirited bidding raising a combined sale value of £814,000.

Sold as three separate lots, Storth House farmhouse in need of modernisation, buildings and 10.60 acres of land on Race Lane, Bolsterstone went under the hammer at £395,000. Lot two comprised an area of grassland with frontage to New Mill Bank and extended to 4.87 acres, with the hammer finally falling at £35,000. Lot three again attracted significant interest, with the 8.35 acres of grassland to the North of New Mill bank going for £64,000. Nether Farm barn, Low Bradfield is set in an idyllic location next to the cricket pitch in this traditional village setting and was offered with planning consent for residential conversion with the hammer falling at £320,000, all well over the reserves.

Jeremy Muntus, partner at Merryweathers, explains: "This has been a tremendously successful sale and shows that there is still a strong demand for agricultural grazing land and small holdings with development potential. The amount of agricultural land coming onto the market is still lower than the heady days of the late nineties and this reduced supply coupled with the strength of the economy has seen an influx of buyers from outside agriculture who see small holdings such as these for their development potential."

The average price of agricultural land in the UK according to the latest RICS Rural Land Market Survey is £2,921. The sale of the grassland at Bolsterstone averaged £7,489 (Lots two and three) which is well above the national figure.

Jeremy Muntus comments: "This sale figures were no surprise and really do show how agricultural land and property are holding their value. This type of property remains a good investment, especially in such an area of natural beauty on the edge of one of our major cities."

For more information on Merryweathers rural, contact 01302 366828 or visit the website www.merryweathers.co.uk.