The Land Price Report 2016 shows that the average price for land across Northern Ireland was £9,815/acre, an increase of £729/acre or 8% on the 2015 figure. The result takes prices back to levels not seen since 2010, the first year of a price survey in Northern Ireland by the Irish Farmers Journal. The survey covered 192 farms and pieces of land with a total of 4,816 acres, which was down on the previous year, indicating that there was some reduction in the supply of land coming to market.

For the purpose of illustration, when translated into euro using a rate of €1 equals 85p, the average price in 2016 was the equivalent of €11,547/acre. This is a reduction of €102/acre on the average quoted in euro for 2015 (when the exchange rate was 78p), but the drop, rather than the increase shown in sterling terms, is due to changes in the exchange rate in 2016.

In Northern Ireland, almost all sales are by private treaty through auctioneers and estate agents, with very few sales conducted by public auction. Often, sales are for small acreages, in some cases down to a single field. The Irish Farmers Journal survey tracks farms and portions of land offered for sale by auctioneers and estate agents in Northern Ireland. Information is taken from newspaper adverts and from agents’ and property websites.

ANTRIM

Co Antrim has a buoyant land market and the survey logged 42 farms and pieces of land selling with 1,023 acres making on average £9,395/acre (€11,053). The acreage sold was down compared with 2015 but the average price was up by £938/acre or 10.3%.

The top price achieved in Antrim was for a 33.5-acre holding, making just over £16,000/acre in the east of the county. The buyer got good land with a traditional house and superb views over the sea. The biggest sale was in the middle of the county, with a 100-acre farm making £9,250/acre. The property had good-quality land with road frontage and a good dwelling house, but the yard was of 1970s vintage.

ARMAGH

Thirty lots and 550 acres were logged in Co Armagh. Prices averaged £11,179/acre (€13,152). In a very strong market, the average price for 2016 was up by £1,172 or 10.9% on the average for the previous year.

The best prices were in the south of the county, where lots made from £16,000 to £17,500/acre for 15 to 30 acres. Other blocks of very good land of 20 acres, parts of a farm that sold in lots, made just over £14,000/acre.

DERRY/ LONDONDERRY

In Co Derry, the main range of prices was from £8,800 to £10,000/acre. The average in the county was £9,339 (€10,987) for 718 acres sold, up by £803/acre or 9.2% compared to 2015.

The best price was £14,700/acre in the east of the county, paid for six acres in two fields close to a village and would have a “hope value” for development sometime in the future. The largest farm sold was a former dairy farm on 100 acres which made £8,200/acre. There was a reasonable dwelling and yard and the land was at an elevation.

DOWN

Co Down has a substantial number of land transactions and the report logged 56 sales with a total area of 1,075 acres. The average price paid was £11,201/acre (€13,177), up £703 or 7.3% on the average price paid in 2015. Co Down offered the most expensive land in Northern Ireland.

At the top end of the market, there were 15 sales above £12,000/acre for good blocks of land. The best price was an exceptional £23,000/acre for a 49-acre block in the south of the county. The property was land only and the price was bid up by two farmers in strong competition with each determined to make the purchase.

?FERMANAGH

In Co Fermanagh, there were 19 sales surveyed with 782 acres and the average price was £7,915/acre (€9,312), down £338 or 4.5% on the previous year. This was the exception in Northern Ireland as prices in the other five counties showed increases, year over year.

The top price was £11,000/acre for a property not far from Enniskillen with good-quality land and views of the lake.

Other lots made from £9,000 to £10,000/acre for between 30 and 50 acres in size.

TYRONE

In Co Tyrone, the survey covered 24 lots with a total of 665 acres. The average price paid was £9,842/acre (€11,579). That price was up by £1,424 on the 2015 average price, equivalent to an increase of 14.9%.

The best price was paid for a 41-acre lot of very good land which made just over £16,000/acre. The land was close to the town and the price included a “hope of development” value at some point in the future. Another 24-acre piece in the same locality made £15,600 with hope value also a factor in the price.