In the latest figures released by the Irish Farmer's Journal (IFJ), Co. Armagh farmland prices were revealed to be averaging over £20,000 per acre for the first time in Northern Ireland. This is the first time that average prices for farmland has averaged above the £20,000 mark.
It was also noted that high quality farmland in the county was selling for approximately £28,000 per acre, with almost half of sales selling for above the £20,000 price point. On an overall note, the average price of Northern Ireland farmland has increased, especially in areas such as Tyrone, Down and Armagh. Armagh had the biggest increase, increasing by 14.6%.
This news will certainly be noted by farmers and land owners in the local area due to the new rules set to be introduced by the government regarding inheritance tax and the reduction of agricultural relief.
One of the noted reasons as to why Co. Armagh Farmland has increased is due to the lack of supply, and the high demand for it in the local area, which has also been seen in the other counties which has noticed high levels of growth in prices.
What next for Co. Armagh farmland owners?
With price increases in Co. Armagh farmland, we would highly recommend at Kempton Redman Law that those who own farmland and are concerned about future planning to contact our offices and speak to one of our trusted solicitors.
Ensuring that you have a plan in place for your family farm is of high importance and being able to work towards this plan for your family is something that you should be thinking about. We are here to be able to provide guidance for our clients, provide them with options moving forward and ensure they protect their family in the years to come.
Commentaires