COMMERCIAL
Knight Frank has Crumpwood Farm, in
Alton, Staffordshire on the market at a
‘bargain’ £1.25million for 106 acres.
It has a Grade II Listed stone
farmhouse in need of refurbishment with
four main bedrooms. Also included is an
attached redundant cottage and two
stone barns with planning permission for
holiday cottage conversion.
The land is a mixture of pasture, arable
and woodland in a dramatic valley setting
with double and single bank fishing along
the River Churnet. Knight Frank say there
is significant potential for further leisure
use (subject to planning).
cent fall in supply for the year as a whole. don’t need a second farmhouse. last year which saw London falling more
Low interest rates have helped, as The fall is slowing; Knight Frank’s Prime quickly as the impact of the banking sector
farmers find it easier to service their debt. Country House Index shows that while crisis was felt – and suggests that the
Ian Bailey points out that in previous prices fell nine per cent in the last quarter commuter belt may be the most resilient
recessions, farmers have had to cope with of 2008, they fell only 4.7 per cent in Q1 of area in the next year or so.
interest rates as high as 10-15 per cent. ’09. The fall was pretty much even across Prices of agricultural land have also been
And in any case, gearing is relatively low in all the different types of property: cottages, supported by a generally positive attitude
UK agriculture. The price of rural farmhouses and even manor houses. in the financial sector – a big difference
residential property, on the other hand, has from residential lending, where credit has
fallen dramatically. According to Knight REGIONAL VARIATIONS been increasingly tightened.
Frank, while land prices fell two per cent But the regional distribution of the fall in RICS in its last Rural Market Survey
over twelve months, houses fell by 20 per prices is interesting. The market close to noted that, “Banks have become
cent. And Ian Bailey says, “There’s been London has been fairly resilient, as these increasingly willing to lend to the
more of an impact on the country house houses appeal to both local buyers and agricultural sector;” 2008 saw an increase
market than on farmland.” commuters. Country houses in the Home of 8.2 per cent in agricultural loans –
The RICS’ Rural Market Survey puts this Counties fell only 3.7 per cent this quarter. against a 49 per cent decline in residential
down to the City boys. “Lifestyle buyers, On the other hand those areas further out mortgage lending.
formerly one of the main drivers of activity, fell much more severely, with Scotland and That’s partly due to the fact that –
have all but disappeared.” It seems that the North seeing a 6.3 per cent fall and the whatever you might hear in The Archers –
much of the demand in the farming sector South West, where most houses are most farms have benefited from increasing
is now coming from existing farmers who bought as holiday homes, also looking commodities prices. Though wheat prices
are looking to increase their acreage – and weak. That’s a reversal of the trend over the fell back at the end of 2008, prices are rising
PROPERTYdrum JUNE 2009 67
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