The value of equipped farmland has continued to rise to around £9,500 per acre, up 4% on 3Q2011, according to SmithsGore's analysis of the land market between October and mid-November (the mid quarter update for 4Q2011).

The value of bare land has levelled off at £5,800 per acre although the most reliable estimate of prices will be in the spring, when traditionally the land market is at its most active.

More land was marketed in October and early November (9,800 acres) than in 2010 and 2009 (7,100 acres and 8,900 acres), and we expect 125-130,000 acres to have been marketed in 2011, slightly up on 2009 and 2010.

SmithsGore say that they continue to expect prices to rise in 2012 as the market fundaments that are driving prices up have not changed – the amount of land to buy is still very small and demand from farmers, in most places, remains strong.