Mr. Wm. Ross
asked the Minister of Agriculture, Fisheries and Food what is the total estimated value of agricultural land in the United Kingdom at present-day prices; and what are the present average prices being paid per acre for 491W freehold agricultural land in England, Wales, Scotland and Northern Ireland.
§ Mr. Strang
The most up-to-date and broadly comparable information on the price of agricultural land in the four countries relates to sales notified to the Inland Revenue in the six months ending 31st March 1978. The average prices per hectare of land sold with vacant possession were: England, £1,852; Wales, £1,267; Scotland, £740; Northern Ireland, £2,013. The comparable figures per acre were: England, £750; Wales, £513; Scotland, £300; and Northern Ireland. £815. Because of lags in the series, these figures are broadly indicative of prices agreed in mid 1977. More recent information provided by the ADAS/AMC series suggests price increases between mid 1977 and the first three months of 1978 of about 20 per cent. in England and of about 10 per cent. in Wales. The value of agricultural land in the United Kingdom in mid 1977 has been estimated as £21,500 million. The estimates of both the price of agricultural land and its aggregate value in the United Kingdom necessarily include any dwellings, other buildings, or other fixed equipment.