§ Mr. Spearingasked the Minister of Agriculture, Fisheries and Food if he will publish a table showing the approximate price of agricultural land in general, or of a known quality of land, for each of the years since 1964; and what is the estimated current price.
§ Mr. BishopThe information is as follows:
AGRICULTURAL LAND PRICES IN ENGLAND AND WALES* Period during which sales reported to Board of Inland Revenue (Year ending September) Year during which most of the bargains were struck (Calendar year)† Average price (£/hectare) 1965 1964 403 1966‡ 1965 413 1967§ 1966 430 1968§ 1967 452 1969≑ 1968 492 1970 1969 494 1971 1970 474 1972 1971 544 1973 1972 1,092 1974 1973 1,480 1975 1974 1,213 1976 1975 1,081 1977 1976 1,291 1977 1,649¶ January-February 1978 2,000¶ Figures collected by the Inland Revenue covering all sales of agricultural land of four hectares and over, excluding sales for non-agricultural purposes, but including inter-family sales and sales where the vendor retained certain rights over the land, e.g. sporting. † There is a delay between the date on which a sale is agreed and the dates on which it is notified to the Inland Revenue and then included in the series. This time-lag is thought to average between six and nine months; the table is based on a lag of nine months. ‡ Thirteen month period ending October. § Twelve month period ending October. ≑ Eleven month period ending September. ¶ Estimates based on the percentage increase of vacant possession agricultural land prices as indicated by the ADAS/AMC Agricultural Land Prices series.