NFU Mutual Smallholding Insurance

Author Topic: Value of land  (Read 5101 times)

Baldeagle

  • Joined May 2016
Value of land
« on: May 19, 2016, 12:52:22 pm »
Hi
I'm new to the site although I have read many of the topics and found the answers given really useful. I'm hoping to canvass opinion from the many knowledgeable members. I would like to ask what people would think 3.5 acres of land complete with a certificate of permitted development for a residential static caravan would be worth. The land is at the bottom of a quiet lane with no through traffic. At the moment it is very unkempt and overgrown with weeds, brambles etc but I am wondering what it's value may be once cleared. Any opinions would be gratefully received. Thank you
Voss Electric Fence

Bionic

  • Joined Dec 2010
  • Talley, Carmarthenshire
Re: Value of land
« Reply #1 on: May 20, 2016, 09:38:44 am »
How long is a piece of string?

The area its in could make a huge amount of difference so without knowing roughly where abouts the land is I don't think anyone would be able to help.
Life is like a bowl of cherries, mostly yummy but some dodgy bits

farmershort

  • Joined Nov 2010
Re: Value of land
« Reply #2 on: May 20, 2016, 09:45:03 am »
not quite the same thing, but we've been shopping for small holdings this year and I can say with hand on heart that a 3 bed house with 3 acres is often the same price (or even more expensive) than a 3 bed house with 30 acres!

Land / smallholding prices are totally nuts at the bottom end of the scale. If selling a block of 100 acres of agri land, then it's much easier to value, but "smallholding" type land is a law unto itself.

The best you can do is look through uklandandfarms website at the "sold" properties and see if there's anything similar in your county.... same with zoopla, rightmove, etc.

"It's only worth what someone is prepared to pay" is the line often trotted out, but with city & foreign investers in the mix, I don't think it's a very useful expression any more.

Baldeagle

  • Joined May 2016
Re: Value of land
« Reply #3 on: May 20, 2016, 11:00:18 am »
Yes sorry, I meant to say it is in Lincolnshire. I have looked on Uklandandfarms, greenshifters etc. but it has been difficult to find anything similar. I appreciate your thoughts though. 

devonlady

  • Joined Aug 2014
Re: Value of land
« Reply #4 on: May 20, 2016, 12:15:16 pm »
Has it been valued by an estate agent? If not then it might be worth getting one out to look at it, but make sure the agency deal with land.

UPoneacre

  • Joined Nov 2013
  • Llanidloes, Powys
Re: Value of land
« Reply #5 on: May 20, 2016, 01:48:27 pm »
The short answer is that it's going to be worth what anyone is prepared to pay for it. You're halfway there with your last posting - the only way you can establish an idea of value is by direct comparison with a number of similar properties, just as a valuer/agent would do, and as they have the databases recording sales prices for properties they are the ones most likely to give you a better guide as to value, tho' nothing is precise.

How were you thinking of marketting it, through an agent or on your own?

Baldeagle

  • Joined May 2016
Re: Value of land
« Reply #6 on: May 20, 2016, 02:45:48 pm »
I'm looking to buy it, not sell it. The land owner has asked (well the estate agent has!) for bids. As I can't find anything similar in this area to compare it with I'm struggling to decide what it may sell for. There is plenty of agricultural/farm land for sale but none with permission to reside already in place. There is no chance of ever being able to build on it though, the planners have already told me that!

Caroline1

  • Joined Nov 2014
  • Cambridgeshire
Re: Value of land
« Reply #7 on: May 20, 2016, 03:54:36 pm »
I bought my place 18 months ago which is just over the border of South Lincolnshire, 3.4 acres and a 3 bed house was on the market for £250-275k. The land was mainly laid as a hay meadow but had it's own weed patch.

Other land for sale nearby has been on the market for £80-100k and ranges from 4 - 12 acres fields but I don't know whether you are allowed to live on it.

I think location is very much the issue here and the more rural the cheaper.
________
Caroline

Backinwellies

  • Global Moderator
  • Joined Sep 2012
  • Llandeilo Carmarthenshire
    • Nantygroes
    • Facebook
Re: Value of land
« Reply #8 on: May 20, 2016, 04:04:37 pm »
I suspect you will not like the answer but I suspect it will go for well over £100K .... as you have said it is a rare find. .. but I guess as it wouldn't be mortgage able then there will be fewer people able to buy it.
Linda

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pharnorth

  • Joined Nov 2013
  • Cambridgeshire
Re: Value of land
« Reply #9 on: May 20, 2016, 09:08:20 pm »
I don't think the unkept nature will have any effect on the value at all as it is only a matter of a tractor with the right kit to sort that.  Round here 10acre fields are going at around £100k without any permissions. Depending on how far out of the way you are could be more or less than that but I would agree with Backinwellies as a all park figure.

UPoneacre

  • Joined Nov 2013
  • Llanidloes, Powys
Re: Value of land
« Reply #10 on: May 21, 2016, 09:31:36 am »
Sorry, I hadn't realised from your first post that you were looking at it to buy.

Without comparables by which to value the site it again comes back to what anyone bids so you may find yourself in a bidding race, depending on the amount of interest that the property generates, and all you can do is set your own limits on how far you take it; personally I'd ask an agent's advice to help with that.

mart6

  • Joined Sep 2014
  • Notts / Yorkshire border
Re: Value of land
« Reply #11 on: May 26, 2016, 09:43:15 pm »
Sorry, I hadn't realised from your first post that you were looking at it to buy.

Without comparables by which to value the site it again comes back to what anyone bids so you may find yourself in a bidding race, depending on the amount of interest that the property generates, and all you can do is set your own limits on how far you take it; personally I'd ask an agent's advice to help with that.

Have to agree
Couple of places around here fetched silly money both had offers on them in less than a week
3 acre  paddock not been used for 15+ years overgrown scrub land with no boundary fencing and access was that overgrown you would of needed jcb to get access  £50k no permissions

Then just down road 7 acre paddock with really rough block built barn and caravan for daytime use only £150k

Never seen anything sell so quck first one i would not of thought more than £25/30k

2nd i would of thought £100k

Lot depends who wants it but if you look on preloved there are pages of adverts with people looking for grazing for horses to buy or rent only need a couple after same plot

UPoneacre

  • Joined Nov 2013
  • Llanidloes, Powys
Re: Value of land
« Reply #12 on: May 27, 2016, 11:59:47 am »
I have to say that mart6's comments don't entirely surprise me, and the problem is that when sales occur like that it encourages land owners to even greater expectations for the value of their own land. We have an example here where an adjoing farmer offered our predecessors a piece of ground over the fence of roughly 1/4 acre with a run down shed, as 'amenity land', no permissions, asking £50k, 'take it or leave it' - our predecessors wisely left it!

I'm afraid we're not helping Bald eagle much here, but this seems to be the reality on land values.

Baldeagle

  • Joined May 2016
Re: Value of land
« Reply #13 on: May 29, 2016, 07:05:55 am »
Well thanks everyone for your input it's appreciated.  The land went to sealed bids (greedy landowners and estate agents I believe.) Anyway I took some advice from a different estate agent who valued it at 45k. I added 10 grand on, bid 55k and it went for 62k
Back to the for sale pages.

devonlady

  • Joined Aug 2014
Re: Value of land
« Reply #14 on: May 29, 2016, 09:47:17 am »
Something better will come along, you'll see!  Eleven years ago I bid on a bit of land that I thought was my dream come true, in the end Jim had to hold my hands down as I prepared to bid away all our savings. A year later I bid for and got the land we have now and how glad I am that I was out-bid before.
You will find your bit of land I know.

 

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