Scottish land price growth still accelerating

Rural land prices in Scotland are rising at a rapid rate, new figures from Savills show, having increased by over 30 per cent in the last year alone.

The firm says that continued interest from 'lifestyle' land buyers has been coupled with a resurgence in the number of farmers buying additional land.

Prices have maintained their rapid growth in the third quarter of 2007, Savills has added, with some suggesting that the true growth rate could be even higher when other factors such as off-market completions are considered.

"One 750-acre mixed farm placed privately at offers over £2 million made a 30 per cent premium. Advertised farms this summer have achieved premiums ranging from 25 per cent up to 80 per cent above the asking price. This is a hot market,” said Charles Dudgeon, head of Savills in Scotland.

The report echoes the findings of a Royal Institution of Chartered Surveyors (Rics) study published earlier this month, which reported record growth rates for UK land prices.

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