Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
These factors were identified as the supply and demand for rural land “declined markedly” throughout 2023, according to the report, which highlighted a “marked decline” in overall values, particularly for estates and marginal hilly land. . The exception was prime arable land where values remained “stable”.
READ MORE: Report finds rural land market ‘underwhelming’
Land agents attributed the slowdown to multiple macroeconomic factors, from rising and persistently high interest rates to high input costs, particularly energy, and lower commodity prices, which have affected timber and agricultural produce.
The interviews also suggested that some of the decline was due to policy uncertainty, including around the land reform agenda, a new agricultural subsidy regime, environmental targets, and natural capital market regulation.
“Reviewing the last three years of reports, it is clear that the first report (focusing on the 2021 market) captured a period of intense competition driven by natural capital interests and commercial forestry,” said James MacKessack -Leitch, policy and practice leader at the Scottish Land Commission.
“The second report pointed to a slower rising market, but this latest report shows a clear decline in natural capital buyers and commercial foresters due to growing uncertainty on the demand side.
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“What this report does is highlight how open the Scottish rural land market is to fluctuations in the national and global economy as well as how responsive it can be to fiscal and public policy.
“This underlines the need for continued reform, including the measures proposed in the Land Reform Bill, but there is a need for a more coordinated policy that regulates and intervenes to shape the land market in a way that protects interest the public.”
The latest report found that off-market estate sales fell in 2023 compared to previous years, although off-market farmland sales rose slightly, continuing a pattern seen in 2022. And it revealed a new sales trend semi-off market, where agents advertise land privately to a select group of buyers and invite blind bids. This type of sale was particularly common in estate sales, according to the report.
UP The pound at 12pm was at 1.2694 dollars compared to 1.2683 dollars at the previous close.
DOWN The FTSE-100 index at 12:45pm was down 20.54 at 8,261.01.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
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