The desire for land owners to preserve Single Farm entitlements has seen many landowners opt not to Let land.
The result is a significant rise in the cost of Conacre as farmers in dire need of land pay ‘above the odds’ to secure land for their livestock, reports Best Property Services director Garry Best, pictured.
Case in point is a public auction last week in Moira for 80 acres of land on the Maghaberry Road.
Mr Best presided over the auction on Wednesday, February 17, of two Lots of 40 acres of land being set from February – November 2015.
“Normally we’d expect bids in the region of £150-£200 per acre but in this case the first lot went for £340 per acre and the second agreed at £270 per acre,” explained Mr Best.
“Both main bidders knew they were paying way above the value. In both cases, the bidders had land secured last year but the owner opted not to lease to them this year.
“Notably the winning bidder was from Dromara and the under-bidder from Fivemiletown – which demonstrates the lack of supply as farmers are having to go much further to secure land for their livestock.
“This is a trend which will continue given the current legislation and will have a significant effect on livestock farmers and Conacre rates this year,” he added.