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In the April 2011 Issue of Property Investor News
Three Classes of Property
The property market is both indicative of the general state of the economy and at the mercy of its fluctuations. Many of the predictions pertaining to property over the past two years have been less than positive, but these forecasts sometimes lack a thorough assessment of how all areas of the market are performing. Not only has the market been more resilient than many originally anticipated, but regional fluctuations are rarely taken into account. In addition, when referring to 'the property market', what many people actually mean is the residential side, often neglecting to factor the performance of the commercial and agricultural sectors into the equation. The property market actually consists of three separate sectors - all independent but linked.
As a surveyor, it's part of my job to understand what is happening across all the market sectors. The facts, figures and survey results make interesting reading, giving strong clues as to what we can expect for the remainder of 2011.
1. The agricultural market
The need to deliver enough food to feed a potential world population of 9bn people has ensured that the value of agricultural land remains steady, with resilient commodity prices during the first quarter of 2011. In the UK, arable land prices have remained at approximately £6,000 per acre: approximately double their value of 10 years ago, whilst all the signs indicate a high probability that valuations will have risen over the last 12 months.
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