— Farmers Weekly, 26 June 2020
Record-breaking low supply and rising demand are elements that have stood out for the land market so far in 2020. The amount of land publicly advertised this year is down 80% on the same time in 2019. The market was hit hard by the coronavirus pandemic and the surrounding restrictions, but land remains a stable asset and its players determined.
Publicly marketed farmland looks set for a record-breaking low in 2020, with the pandemic’s lockdown hugely affecting activity.
Although the lockdown restrictions imposed by the government to prevent the spread of Covid-19 stalled the market for many between March and June, the market for blocks of land, in contrast, remained strong.
Long-term high demand for farmland has left buyers increasingly frustrated and hungry for opportunities.
The pandemic has prompted many buyers to reconsider what they desire when purchasing a property.
A recent survey showed 49% of people felt the amount of garden or outside space had become more important since the lockdown period. A village or countryside location now seems more attractive to 40%, increasing to 50% for those with school-aged children.
For this reason, interest remains strong for lifestyle and amenity properties, particularly among those with proximity to London.
The land market has a strong track record of not being very affected in terms of economic uncertainty.