City slickers'' bonuses ''buying up countryside''

Plots of land in the Welsh countryside are displaying increasing demand from outside investors, new research shows.

Figures released by the Royal Institution of Chartered Surveyors (Rics) show that the average price of farm land in Wales increased to £8,164 per hectare last year, from £7,219 in 2005.

According to Cathy McLean, director of Rics in Wales, the price increases may be influenced by so-called "city slickers" workers in the City enjoying substantial bonuses and who desire a lifestyle change.

However, Ms McLean also said that plots of land were consequently less readily available, with farmers not feeling as financially compelled to sell their land.

Rics also said that demand was high from foreign investors, particularly in Denmark and Ireland, put off by high land prices at home and who were looking to tap into the Welsh market.

"The UK continues to attract investment from Denmark and Ireland as foreign buyers enjoy the luxury of low prices compared to home markets," she added.


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