Kent farmland sells at auction for nearly £90,000 per acre

Kent farmland sells at auction for nearly £90,000 per acre

A piece of agricultural land measuring less than two acres in a West Kent village was sold for a staggering £175,000 at auction yesterday – just under £90,000 per acre. 

The 1.96 acre field in the village of Weald was sold following a bidding war at Ibbett Mosely’s auction rooms in Sevenoaks. It is believed to be a record amount for agricultural land in West Kent. The guide price for the land was £25,000. 

Ibbett Mosely Senior Partner Dr Robert Wickham said: “We were delighted to achieve such a remarkable amount for our client. This reinforces the current trend of investors and others buying land in the United Kingdom and particularly in the South East. This sets a new record even exceeding the £76,000 per acre achieved at our earlier April auction.’ 
At Ibbett Mosely’s last auction, a 2.4 acre parcel of land in Bitchet Green, Kent, fetched £76,000 at auction breaking the previous record for agricultural land locally which was £15,000 per acre. 

Ibbett Mosely’s property auction was launched as an alternative to conventional buying and selling. The company has had its own furniture and fine arts department for 75 years, with auctions held on a monthly basis, and the decision to expand into property comes after a surge in interest from people wanting to sell at auction. The next property auction will be held at the company’s Sevenoaks auction rooms on 20 September 2012. 

Dr Wickham said: “Some people are concerned by the bidding process but it is very simple. Normally an auction package is available well before the event so people can look at the details, check the searches and discuss the property with their solicitors. Sometimes an auction is not appropriate for very complex transactions but when it is simple there is no better way.” 

Property auctions are becoming increasingly popular as a result of programmes like ‘Homes Under the Hammer’ and a way for sellers to gain the best possible price for their property or land. Buyers and sellers also have the benefit of a quick and uncomplicated sale, knowing that once the hammer falls the contract is legal and binding and you they don’t have the uncertainty associated with selling a property in the conventional manner.