We are all pretty familiar with how the property market works and understand that the price of a 2-bed property can vary dramatically depending on your region or postcode. Likewise, when buying land in the UK, location is one of the most critical factors you’ll need to consider.
Just like with property, the price you pay per acre can vary dramatically depending on the country, region, county, town and even postcode you are looking to purchase land within. In this article, we will look at how much land costs in different areas of the UK and how much you can expect to pay per acre in your preferred region.
How much is an acre of land worth in the UK?
The amount an investor or developer can expect to pay per acre of land will change depending on where in the UK you are considering and what you intend to do with that land. Farmland in the UK will cost between £12,000 – £15,000 per acre, with some areas reaching as much as £25,000 per acre or more, especially if you are looking to add land to your existing property. Additionally, if you are buying land for development purposes, you can expect to pay significantly more for a plot of land.
Land in the south of England is harder to come by than land in the north and, therefore, will be valued higher as a result. You’ll also attract a better price per acre if you are looking to buy a larger plot of land rather than just one or two acres alone.
Factors that affect the value of land
There are several factors that will determine how much a plot of land is worth in the UK. For example, if it is close to utilities, that will undoubtedly add value to the land. Additionally, if the land has electricity and can be connected to mains water or has buildings such as barns already in place, this will also increase the value.
Other factors that will impact the value will include:
- Supply and demand. If an area is desirable because it is growing and further developments are planned or in progress, this will push the price point up.
- Location, as you might expect. Land nearer cities will cost significantly more than rural land out in the country. As well as this, any land located along the coast will be more expensive than a plot situated inland.
- Economic activity. The value of land is also affected by a region’s economic activity. If new businesses pop up, this will attract more families and workers, which will quickly push the price point up as parks, social amenities, and the need for housing in the area increase.
- Environment. If the land is susceptible to flooding or landslides, this will often lower the value of the land. By contrast, the value might increase if an area is considered suitable for precious mining metals.
- Aesthetic features. An area of land with a beautiful view that overlooks the sea or mountains will be more expensive than land that doesn’t have such a view.
- Surrounding structures. If you are looking to purchase residential land close to an industrial area, it will be less expensive than a plot of land in a residential area with schools, parks, and healthcare facilities.
- What you intend to do with the land. The land you intend to develop on will cost more than the land for farming.
What is land worth in different areas of the UK?
As we’ve already hinted above, the price of land will vary significantly depending on where in the UK you are looking to invest as well as several other variables. We will now look at how the prices vary depending on the region. All prices quoted are sourced from fwi.co.uk and are based purely on rural land average costs. Other external factors could impact the price, as detailed above.
The most expensive area to buy land in the South West of England is Devon, with the average cost per acre at £10,520. Cornwall offers the lowest price per acre in the region at £9,350 per acre. Both Dorset and Somerset see an average price of £10,120 per acre.
If you are looking to invest in land in the southern regions of England, you can expect to pay an average of £9,941. With land in popular Hampshire reaching £10,340 per acre and the same in Surrey can be bought for an average of £9,680. For those looking at land in East Sussex, you can expect to pay £9,570 per acre.
The average price of land in the West Midlands is £9,750 per acre. In Warwickshire, the average price is £10,175 per acre, whereas, in Staffordshire, a buyer can expect to pay £9,900 per acre.
The average cost of land per acre in the East Midlands is £9,290. In Derbyshire, you can expect to see average prices of £8,690, with land in Leicestershire reaching an average price of £9,350 per acre. If you are looking at land in Lincolnshire, you can expect to pay an average of £9,768.
If you have got your eye on some land in Wales, the average cost per acre is now sitting at £8,641 per acre. Currently, land in Powys is priced at £8,266 an acre and land in Monmouthshire averages £9,017 per acre.
The Northwest of England currently has some of the lowest-cost land available in the UK. The average cost per acre for the region is £8,067. However, if you are interested in land in the Cumbria area – famous for the great lakes, you can expect to see land selling for an average price of £7,700.
Northeastern England also has some of the keenest land pricing in the UK, with the average acre costing a mere £7,067. Land in Durham has an average price of £7,700 and in Northumberland, the average price is currently £7,514.
In Yorkshire, the average cost of rural land is £9,130 per acre.
The average cost of land per acre in Scotland is now £7,000. In west Scotland, the average price per acre last year sat at £4,250, with the most expensive region to buy land in Scotland being the Lothians at £8,000/acre.
How to find land for sale in the UK
Before embarking on your search for the perfect plot of land, it’s essential to decide on where you want to buy by defining the region, town or village you want to buy your plot within.
One of the most common mistakes people make when buying land is being undecided on the geographical location for their search. Without an area to focus on, the search can become overwhelming. Therefore, it’s far better to pick an area and then start your search.
Once you have decided where you want to buy the land, the next step is to spend some time exploring your preferred area. Talk to locals or even write letters or knock on doors. You never know what you might uncover and maybe you could even find someone with a small plot of land to sell.
Another way of finding out about land in your search area is to contact the local council. Local councils publish a register of planning applications which can be viewed online. It’s possible that a current owner may no longer wish to build on the plot and is open to a sale.
There are some other routes you can go down in order to find your perfect bit of land. For example:
- Searching online
Many would-be landowners begin their search for the perfect plot of land online. Websites such as OntheMarket and Rightmove have options to search for land-only, or there are more land-orientated websites such as Plotfinder.
- Estate agents
Contact local estate agents in your preferred area to register your interest in any available land. It’s also worth contacting local surveyors who may become aware of land for sale early.
For more information on buying land in the UK, don’t forget to check out our definitive guide that covers everything you need to know about buying land in the UK.
The price of land in the UK is as variable as the rest of the property market. Land in the most in-demand regions will be valued significantly higher than the one in the most rural untouched areas of the country. Bear in mind, the price of land will also be impacted by several other variables, such as if it is connected to utilities and if it is located in an industrial or residential area that is in demand.
Whatever region you decide to buy land in, make sure you do your local research and define precisely what you need from your plot of land. Don’t forget that the team at Novellus can help you secure finance on land whilst you obtain any planning permission required to complete your build. You can find out about their bridging loans to buy land here.