Bare arable farmland values registered a marginal increase of 0.5% between Q1 and Q2 of 2018, now averaging £8,961, according to new data from Carter Jonas, the national property consultancy. While land values were down overall by -1.3% year on year, an increase in the volume of farmland coming to market has fuelled buyer appetite.

In addition, after a long winter and quiet first quarter, improved weather conditions throughout spring brought renewed momentum to farmland activity, which also provided an underlying strength to values.

At the same time, evidence suggests that the impact of Brexit on sales within the agricultural sector has diminished in some cases. While some vendors, particularly of larger assets, continue to sell due to concerns about the lack of government support and profitability, pragmatic buyers remain ambitious, and continue to unlock strategic opportunities in the market.

Indeed, while Michael Gove’s stance on the Agriculture Bill has caused much consternation, the market is proving increasingly resilient to Brexit uncertainty, not least because now the consensus remains that minimal policy changes will ensue.

Andrew Fallows, Head of Rural Agency, Carter Jonas, comments: “The increase in volume of transactions and values achieved is certainly promising for the farmland market and indicates the emergence of a certain stability after 18 months of flux. Indeed, we can feasibly anticipate that the brief period of declining land values has passed.

“It goes without saying that Brexit has exerted certain pressures on the agricultural sector since the Referendum two years’ ago, but this quarter’s figures indicate, for the first time, that landowners have resolved to plough forth regardless. While some are still waiting for clarity from Michael Gove on the Agricultural Bill, it would appear that the farming community is starting to acclimatise to the protracted uncertainty and is ready to progress forward where possible.”