Some land near me come up for sale, help me think about it please

Jambarissa said:
An update.

Still no auction date so I put in an offer of 1.7x guide price, thought I could go to 2x max.

Heard back on Friday, they've had numerous offer but are waiting for auction and have increased guide price to 4x the original one.

So I'm out 😞
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That's a real shame. We specifically avoided auctions when we were looking as the prices were simply ridiculous!
 
i recently bought a property with land by auction, over the phone ,was a long drawn out process, but suits me ,cos its lots slower than an in person auction,it made twice the asking price, but i thought it was good investment value and would have paid a bit more, and did not expect to buy it

with an auction you never know which way it will go til the day
 
I'd love to own land one day but I think I'm 20 years too late. There's just 0.8 acres near me that's advertised as going for £575,000. Hope it isn't actually but I wouldn't be surprised if it weren't 🙄
 
Depends on the cost really - is it at a good price? If you can afford it and its not a ridiculous price Id probably buy it. Although personally I couldnt keep my horses 20 mins away (with nobody on the premises). Could you potentially build a house on the land and move there? I have no idea what planning is like down your way. Up here they have relaxed a lot of rules so it seems much easier to build nowadays. Although on greenbelt I would imagine is a lot harder? Meantime, you'd need to factor in fencing (which always horrifies me how expensive it is!), a place to park and ideally an area of hardstanding for perhaps a field shelter/future stable block?
 
toppedoff said:
I'd love to own land one day but I think I'm 20 years too late. There's just 0.8 acres near me that's advertised as going for £575,000. Hope it isn't actually but I wouldn't be surprised if it weren't 🙄
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Wow! I presume it has planning permission for a house? If not, thats insane! Up my way, I value regular grazing at £3k-£5k an acre (closer to £5k these days depending where it is). A plot with planning granted is more of course. For £575k you could get a lot of land up here or a really nice house WITH easily enough land for horses...
 
toppedoff said:
I'd love to own land one day but I think I'm 20 years too late. There's just 0.8 acres near me that's advertised as going for £575,000. Hope it isn't actually but I wouldn't be surprised if it weren't 🙄
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That's probably land for development, which attracts a much higher price than grazing land.

OP, it still might be worth attending the auction it is not unknown for offers to be refused and then a lower price accepted at auction.
 
Blimey 4 x the guide price?! Guide price is clearly wrong then!

No hope of ever buying any land here then!
 
Really if we sold our house and added it to the price of that land we could get a house with stables and a few acres so maybe that's a better option for the mid future.

Just waiting for kids to grow up and see whether they leave home!
 
It's worth going to the auction, funny things can happen. Some land is for sale next to use, son put in a low offer but had a rather snooty reply from the estate agent that "they had received a much higher offer." However, apparently the buyers lost interest when they were asked to show Evidence of Funds that you have to do now. More than once I've known of land "sold" and then not much afterwards the agents have been ringing round to see if other potential buyers are still interested.

Don't forget that at an auction you have to put down a deposit on the night and that there will be Stamp Duty to pay on top of the selling price.
 
Trakky14 said:
Blimey 4 x the guide price?! Guide price is clearly wrong then!

No hope of ever buying any land here then!
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One of our fields should have been going to auction this month, but we’ve had to delay due to a probate issue. But the estate agent decided on a guide price, then said actually let’s make the guide price a bit lower, it gets more interest in the auction!

Also, agricultural land is only due inheritance tax relief if it is farmed. Horses don’t count.
 
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