The sector outperformed the growth recorded for country houses and prime central London residential, the Savills Estates Index shows.
This leaves values at just -0.3% behind the peak recorded during 2008 as estate have benefitted from the substantial rise in farm land values, said Crispin Holborow of Savills Country department.
‘Our research shows that average prime arable values rose by 6% across Great Britain during the first half of 2013 to over £8,000 per acre. Ten years ago, the same land would have cost around £2,250 per acre,’ he explained.
This is supported by the fact that for the first time since the downturn in 2008, a higher proportion of the whole estate value is tied up in the farmland and farm buildings at 35.4% than in the principal house at 34.9%.
The index report indicates that there is now clear evidence of the beginnings of a recovery in the other elements of value. For example, estate cottage values improved by an average of 3.7% and marriage value or the premium attached to the assets when all in one parcel, rose by 3.9% during the first half of this year.
‘This continuing improvement in marriage value is perhaps the clearest indicator of an improving sentiment in the estates sector. Analysis of the viewings from the last three estate sales where Savills was involved shows interest in these rare and often trophy properties remains truly international with potential buyers coming from eountries,’ said Holborow.
‘The benefits of land ownership are now widely known. What will be interesting to follow is the performance of these estates as the residential elements come back into their own. There could be some exciting growth potential,’ he concluded.
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