§ Mr. Geraint Howells
asked the Minister of Agriculture, Fisheries and Food what was the average price paid for agricultural land in England in 1979; what were the corresponding figures for the last 10 years; and if he will make a statement.
§ Mr. Wiggin
The information is given in the table set out below:
Agricultural land pricrs in England* Period during which sales reported to Board of Inland Revenue (Year ending September) Year during which most of the bargains struck (Calendar year)† Average price (with and without vacant possession) (£/hectare) 1970 1969 525 1971 1970 501 1972 1971 571 1973 1972 1,161 1974 1973 1,557 1975 1974 1,273 1976 1975 1,125 1977 1976 1,349 1978 1977 1,909 1979 1978 2,434 1979 3,262‡ * Figures collected and analysed by the Board of Inland Revenue and published by MAFF covering all sales of agricultural land of 5 hectares (4 hectares before October 1978) and over, excluding sales for non-agricultural purposes, and gifts, but including inter-family sales and sales where the vendor retained certain rights over the land. † 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. There is no definite information on the extent of the time-lag but it is thought to average between 6 and 9 months. This means that the average reported prices for the 12 months ended 30 September reflect, very approximately, the prices of land sold during the previous calendar year. The format of the table allows for this lag. ‡ Estimate based on the percentage change in vacant possession agricultural land prices as indicated by the ADAS/AMC Agricultural Land Price series.