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City slickers push up farmland prices

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  • Tony Gosling
    Neo-surfdom and the price of land Thanks to David Weston for this Tony Land is a natural monopoly, and as such, has never been, nor can it be, part of a free
    Message 1 of 1 , Aug 3, 2004
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      Neo-surfdom and the price of land

      Thanks to David Weston for this
      Tony

      Land is a natural monopoly, and as such, has never been, nor
      can it be, part of a free market system. A free market system is
      based on the premise of rising prices being moderated by alternate supply
      sources. With land, there are no alternate supply sources.
      As indicated in the following article, the denial of the
      above fact is leading to a new kind of serf/laird relationship - a kind
      of neo-serfdom/neo-lairdism, where the disparity between the classes
      grows wider and wider. Is this the kind of society we are heading into,
      and is it what we want?
      David J. W.

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      http://money.guardian.co.uk/houseprices/story/0,1456,1272663,00.html

      Money > Special reports > House prices
      City slickers push up farmland prices

      Press Association
      Friday July 30, 2004

      The price of farmland has soared to a record high as people from the City
      continue to buy up rural retreats, figures showed today.

      The Royal Institution of Chartered Surveyors (RICS) said the cost of
      farmland rose by 16% during the past year as demand continued to
      outstrip supply.

      It said much of the rise was driven by so-called lifestyle buyers
      snapping up rural land and property, with non-farmers accounting for 43%
      of sales during the three months to the end of June.

      The group said demand from non-farmers had been driven by a pick up in
      the economy and the associated increase in City bonuses.

      RICS rural spokesman, Julian Sayers, said: "The high demand, which is
      particularly evident in the West Midlands and Wales, is in part
      driven by relatively poor investment returns in other asset classes.

      "There is also the common dream of owning part of the British
      countryside. So far interest rate rises do not seem to be affecting buyer
      activity."

      During the year to the end of June farmland prices averaged a record
      £8,630 per hectare.

      Surveyors said the price rise was being exacerbated by a decline in the
      amount of land coming on to the market, largely due to the
      uncertainty created by the mid-term review of the Common Agricultural
      Policy.

      At the same time demand for land increased at its fastest pace during the
      three months to the end of June since RICS began the survey in 1999.

      The group added that demand for land with a house on it also rose, but at
      a slower pace than during the first quarter of the year.

      The cost of farmland is expected to continue increasing over the
      coming 12 months reflecting the shortage of land coming on to the market.
      The price of land which comes with a farmhouse is expected to rise to
      higher amounts.



      Tony Gosling - +44 117 944 6219
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