A how much with a difference. Please help

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sarahrees

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Down the road from my house 3 acres has come up for sale. Went to the estate agents involved today and theyre saying that its sealed offers only with no idea of the sellers ideal price.
Went to see the land today and its very wet, reeds up waist high, but want to make an offer as it would come nice with a lot of work. We live in a village in the welsh valleys

So how much would be a fair offer
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For 3 acres I reakon it will be in the region of £50 to £60K. Land is making in excess of £10K per acre but the smaller the plot the more it seems to make.

You could have a look on some of the property auction web sites to get a better idea of what land has been selling for.
 
Sarah, it was only two years ago that we got 5K per acre for ours up on the mountain. Have you asked E?
 
Actually land prices have dropped dramatically this last 2 months. a local farmer was selling 40 acres on the edge of Dartmoor. He was advised to not accept anything less than £15k an acre before the auction as the agents felt it would sell for more at auction. Come the auction only part of the land sold and that was for £3k an acre and it was good fertile dry land. Some 15 acres remained unsold. Two other land lots at the same auction failed to get any bids.

Speak to a local land agent and get an idea of what land has sold for recently. Waist high reeds in a field are never good, you will need to spend a lot of time on land drainage, and it will take several years to get the land back suitable for horses
 
10k per acres is the going rate however I doubt they would sell for £30k, maybe £40k?

We paid two years ago £100k for 5 acres pasture and 5 woodland (rate for woodland is £7.5k). So in theory we should of paid £87,500. I feel very lucky to have got are bit of land; they are gold dust!

I don't believe land prices have dropped. Land will only increase in value.
 
I was offered 3 acres round here, with no services that needed reseeding for £21k.

I wouldnt think that soggy land half way up a mountain in Wales is worth the same as land in other parts of the country, (I'm not being rude, but there is so much more of it!).

I would have thought that the land agent would be able to give you an idea of the going rate for a piece of land like that.

....and then I guess it depends on how much it is worth to you.....
 
Sarah, you are probably averaging £4k/acre atm. I suppose it all depends how many people are after it and how much someone is prepared to pay. Take into account the amount of work it will take to get it suitable for the neds, fencing, ditching, spraying, gates, hardcore (not porn, the stoney stuff
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) and a contractor to do it for you. Then their is planning permish if you want to built stables and storage.

As Enfys said, give Eirwyn a ring and ask him to have a look at the quality of the land and give you an estimation of costs involved to make good along with estimated purchase value.

Best of luck hun. Hx
 
And do not forget that if it is currently agri land and you want to keep horses on it you will more than likely need to apply for a change of use planning permission, so talk to your local planning authority too, as if they won't grant it, you are stuck!
 
Actually look at land that has sold recently - the prices have dropped in the past 2 months. The 5 acre field with barn next to us sold in August 2006 for £75k - 3 months later it sold for £95k - last month it went up for sale for £80k and has received no interest. Land agents are still talking the prices up - but the actual prices being achieved are stalling.

As Llwyncwn said - I would agree that £4k an acre is roughly what it is worth - however it is what it is worth to you. Bear in mind the amount you will have to spend to get it useable for horses. Land in popular areas will sell and always be at a premium as more and more people want land, but if the credit crunch continues then les and less people will be in the market to buy.
 
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