Summer Review 2022

Symonds &Sampson

In 2021 we sold over 4,000 acres across 5 counties

Highest land price achieved at auction 528% above guide Shinfield, Berkshire

Over 9000 registered buyers actively looking for property, farms & land

Thank you very much to you all for hard work and a great dispersal sale!

Mr MP, Devon

Many thanks again for all your help in getting the deal across the line. A good thing we had the best agents working for us!

Mrs JH, Dorset

Andrew conducted a complex negotiation for the sale of the farm which could so easily have gone wrong – to bring the sale to a successful conclusion.

Mrs SB, Somerset

The Farms & Land Market 2022

Agricultural land values in England have reached their highest level since 2016, with the majority of farms and parcels of land now selling well in excess of their guide price, writes Ross Willmington, partner in our Axminster Office.

The average value of arable land is currently at £9,500 per acre –a significant rise since the end of 2021, this is 2% higher than a year ago. The average value of pasture is £7,500 per acre, which is 3% higher than 12 months ago. Averages often disguise that there is still very wide variability in the prices being paid, influenced by location, quality of land and the level of local interest, but the trend continues to be one of growth.

values fuelled by strong demand from regional, national and increasing numbers of international buyers.

The high prices being achieved are also starting to turn heads and entice some of our clients to sell if they are nearing retirement and have no successor.

The average value of arable land is currently at £9,500 per acre – a significant rise since the end of 2021, this is 2% higher than a year ago.

However, it seems unlikely that supply will increase significantly to change the balance of the market, given the level of pent-up demand for farms and land.

Demand continues to outweigh supply, leading to stiff competition for nearly all farms marketed. Sizeable commercial and residential farms are still rare on the open market and we have a huge list of applicants looking for the right farm in the southwest. Low supply means high

Our team of farm agents (pictured) recently had a very productive meeting in The London Office to discuss our specialist strategy for marketing farms and land. If you are considering your options and need fresh, independent advice, contact a member of our Farm Agency team in your nearest office.

Andrew Tuffin, Partner, Head of Farm Agency

Our Farm Agency Team: Left to Right: Jack Edwards, Will Wallis, Andrew Tuffin, Lucy Carnell & Ross Willmington

Dewlish, Dorset

389 acres (157 ha)

A productive arable farm in the heart of Dorset. Level and rolling chalk downland in a quiet rural position with far reaching views. Two grain stores, dryer and former parlour with potential. Off lying block of 83 acres. Available as a whole or in 4 lots.

Andrew Tuffin 01258 472244 & Will Wallis 01305 236572

Guide £4,435,000 (whole)

Stubhampton, Dorset

143 acres (57.8 ha)

A well-equipped grassland farm in the Cranborne Chase. A secluded 5 bedroom farmhouse with annexe in a superb private setting. Stable yard with 3 farm buildings, 11 loose boxes & rest room. Ménage, paddocks, picturesque downland pasture and valley and woodland.

EPC D. CT Band F. JSA Strutt & Parker

Andrew Tuffin 01258 472244

Guide £2,800,000

Wanstrow, Somerset

183 acres (70.45 ha)

A well-equipped dairy farm. Two dwellings, a range of modern and traditional farm buildings and internal cow tracks throughout, in an elevated position on the edge of the Mendips between Frome and Bruton. EPC F. CT Band G.

Chris Powell or Jack Denning-James 01380 710535

Guide £2,900,000

Twyford, Dorset

142.21 acres (57.56 ha)

A livestock holding in a pleasant location south of Shaftesbury. 3 Bedroom Grade II Listed farmhouse with attached cottage, farm buildings and approximately 140.64 acres of ring fenced pasture land. To Let on behalf of Dorset Council on a 10 year Farm Business Tenancy. EPC F. CT Band C.

Greg Ridout 01935 423526

Lifton, Devon 131.55 acres (53.23 ha)

A well situated farm on the Devon/Cornwall border. Handsome Grade II Listed 5 bedroom farmhouse with annexe in charming gardens. Pretty pasture and woodland with pond and river frontage. For sale as a whole or in two lots. EPC Exempt. CT Band F.

Ross Willmington 01297 33122

Guide £2,000,000 (Whole)

Sidbury Devon 86.16 acres (34.87 ha)

A well-situated small farm set in the Roncombe Valley. 3-bedroom bungalow (AOC) for improvement, garaging and farm buildings set in pretty pasture and woodland with stream running through. For sale in two lots. CT Band F. EPC E.

Ross Willmington 01297 33122

Guide £1,150,000 (whole)

Publow, Somerset 124.26 acres (50.32 ha)

Lot 1: 122.87 acres of productive grassland with some wooded areas with good access, Guide £1,000,000.

Lot 2: A barn in 1.39 acres with consent to create a 5 bedroom home in the Chew Valley. Guide £500,000.

Jack Denning-James 01380 710535

Guide £1,500,000 (Whole)

Sturminster Marshall, Dorset 91.27 acres (36.94 ha)

An attractive grassland farm. 4/5 bedroom farmhouse substantial range of traditional and modern farm buildings, and ring-fenced south-facing permanent pasture. Available as a whole or in 3 lots. EPC G. CT Band F. JSA Savills.

Morgan Clement 01202 882103

Guide £2,200,000 (whole)

Trinity Hill, Devon

100.47 acres (40.66 ha)

An unusual opportunity to acquire a major section of the wellknown local Trinity Hill Forest, an area of mixed woodland close to Lyme Regis. Freehold but subject to long lease in favour of The Forestry Commission.

Ross Willmington 01297 33122 Guide £45,000

Toller Whelme, Dorset 75.74 acres (30.65 ha)

An attractive residential farm. Modern 4 bedroom farmhouse (AOC) and mature gardens set in a secluded hamlet. Versatile outbuildings, excellent equine facilities including outdoor arena, arable land, pastureland and paddocks. EPC D. CT Band E.

Ross Willmington 01297 33122 Guide £1,750,000

Minterne Magna, Dorset 75.66 acres (30.62 ha)

Lot 1: 43.21 acres of productive level chalk arable land. Guide: £365,000

Lot 2: 32.45 acres of mature mixed broadleaf woodland with a small disused limekiln. Guide £125,000.

Andrew Tuffin 01258 472244 Guide: £490,000 (whole)

Clayhidon, Devon 66.35 acres (26.84 ha)

A residential farm with a 5/6 bedroom Grade II Listed farmhouse requiring modernisation. Traditional barns with PP to convert. Modern farm buildings. Pastureland with a stream. EPC Exempt. CT Band F.

Ross Willmington 01297 33122 Guide: £1,390,000 (whole)

Hawkridge, Exmoor 53.82 acres (21.78 ha)

An attractive farm in a glorious position in the heart of Exmoor National Park with holiday cottages, stables and outbuildings, woodland and river frontage.

EPC E. CT Band F.

Ross Willmington 01297 33122 Guide £1,950,000

Stour Row, Dorset 64.83 acres (26.24 ha)

A level and productive block of pasture land and a block of mixed broadleaf plantation. Ringfenced and currently registered organic. Of appeal to investors seeking land for Biodiversity Net Gain.

Andrew Tuffin 01258 472244 Guide £575,000

East Orchard, Dorset

61.52 acres (24.89 ha)

38.60 acres of pastureland.

Guide: £340,000

22.92 acres of pastureland

Guide: £200,000

Andrew Tuffin 01258 472244

Guide: £540,000 (whole)

Marston Magna, Somerset

50.82 acres (19.76ha)

A former dairy farm with 5 bedroom bungalow (AOC), farm buildings. For sale as a whole or in two lots.

EPC F. CT Band C.

Lucy Carnell 01935 423526

Guide £875,000

Stoodleigh, Devon

47.54 acres (19.24ha)

A fine residential farm with a 5 bedroom house, outbuildings, stables and outdoor arena, pasture and mixed woodland.

EPC E. CT Band G.

Ross Willmington 01297 33122

Guide £1,250,000

Haselbury Plucknett, Somerset

39.39 acres (15.94 ha)

A spacious farmhouse (AOC) for modernisation with 25 stables, level pastureland set at the end of a no-through lane. EPC D. CT Band G.

Lucy Carnell 01935 423526

Guide £1,225,000

Fordingbridge, Hampshire

28.22 acres (1.42 ha)

A block of land adjoining the open forest on the outskirts of Woodgreen set in a delightfully peaceful setting within the New Forest National Park.

Jack Edwards 01722 334323

Guide £650,000

Auction

Metcombe, Devon

22.21 acres (8.99 ha)

An attractive residential farm. 4 bedroom farmhouse (Grade II*). Courtyard with potential (STPP), farm buildings. EPC Exempt. CT Band E.

Ross Willmington 0129733122

Guide £890,000 (whole)

Penderleath, Cornwall

18.96 acres (7.61ha)

A useful block of land extending to 18.96 acres (7.61 hectares) having potential for a variety of uses subject to consents.

Graham Barton 01297 33122

Guide £110,000

Leckhampstead, Berkshire

22.44 acres (9.08 ha)

A development site with consent for a 4 bedroom detached house and agricultural building in an attractive West Berkshire Village.

Jack Denning-James 01380 710535

Guide £1,200,000

Coombe Bissett, Wiltshire

11.57 acres (4.68ha)

A substantial 5 bedroom farmhouse with annexe, significant buildings, campsite, glasshouses, stables, yard and paddocks.

EPC E. CT Band A.

Jack Edwards 01722 334323

Guide £1,400,000

Agricultural Sales Summary

Our dedicated Agricultural Sales team are well known within the farming and wider community for the efficient and comprehensive service they provide to their clients. Their reputation for holding successful auctions extends beyond the sale of livestock, machinery and fodder to a variety of sales held on behalf of individuals, limited companies, local authorities and insolvency practitioners throughout the South of England, conducting sales for retirement, closure and restructuring of businesses.

Close relationships with buyers and sellers start at the first point of contact with realistic advice, careful planning and extensive marketing in the run up to a sale.

Whether an auction is conducted onsite or through our highly efficient online system, the professional service provided by our Agricultural Sales team has won them many accolades from far and wide.

Notable sales to date in 2022 include:

| A dispersal of Arable, Grassland and Livestock equipment on behalf of AM & HM & SE Walters, Tintinhull

| A sale of contracting equipment on behalf of M P Bennett & Son, Alweston.

| An on-line dispersal sale of manufacturing equipment, workshop tools and office furniture on behalf of Tetra Pak CPS Ltd, Sherborne.

For those looking to trade individual items of equipment, the regular monthly online sales conducted through our Tiverton office, and frequent collective sales throughout the region attract a wide audience and strong trade.

| An online sale of potato growing equipment on behalf of Dillington Farms, Ilminster.

Property Auctions

With bidders able to attend our sales in person, bid online, by phone and by written proxy, our hybrid auctions continue to reach audiences far and wide.

Already this year, we have sold property to purchasers from throughout the UK, Europe, the USA and Australia.

97% success rate in 2022 auctions

Buyers and sellers alike are attracted to the speed, simplicity and security of selling land and property by auction. Legal packs prepared in advance enable exchange of contracts on the fall of the hammer, and completion follows on a specified date (usually 28 days). Thus avoiding the nail-biting and often protracted period of wait during the conveyancing process.

It’s a method of sale long favoured by executors but

is certainly becoming more common place within the residential, commercial, agricultural and even development sectors of the market.

Symonds & Sampson’s auctions are not to be confused with those becoming more common place – many of which are essentially ‘best bids’ scenario with no more than agreement of figure at closure at close, rather than exchange of contracts and a legally binding contract in place.

Average

price achieved 31% above guide

We have sold property across 7 counties this year, from Cornwall to Berkshire. Prices achieved have been particularly strong for agricultural land where competitive bidding from both local farmers and buyers from further afield ensured that a fair price was paid.

Eccliffe, AOC dwelling Sold £440,000

Netherbury, 8 Acre orchard Sold £215,000

Residential Agency

At the time of writing, politic uncertainty, the rising cost of living and the Ukraine situation continue to impact on the property market throughout the country. Historically however, even during times of uncertainty, the lure of the coast and country keeps demand relatively strong and means that we are less susceptible to the peaks and troughs reported in the media.

We can look forward with positivity as the demand for property within the region, and from retirees, families and ‘work from home’ professionals relocating to the area remains strong. This demand means that it is no longer a regional market we are working in; we frequently sell

property to national and international contacts through The London Office network, an invaluable string to our marketing bow. So much so that so far in 2022, over 40% of applicants registered currently live beyond our immediate area.

Uncertain times and volatile climate mean that it’s more important than ever to seek the best advice if you are considering selling. Few if any firms have the skill and capacity to offer the variety of methods of sale we can.

Our experienced agents can offer sale by auction and tender alongside private treaty to home owners and

Poundbury

Guide £1,700,000

Misterton

Guide £900,000

Charlton Marshall

Guide £1,300,000

South Bowood

Guide £500,000

Letting Agency

The private rental sector remains buoyant in the West Country. Generally there are more tenants than properties, and subsequently rents have increased considerably.

Where long term tenants give their notice, often to purchase their own home, the asking rent has increased on average by at least 10%. All of our offices report that on average, they would receive around 30 enquiries within the first two days of marketing properties under £,1500 per calendar month.

Where does this demand come from? We are talking to a lot of anxious families in rented accommodation who have been given notice from landlords wishing to sell. Then there are sellers who cannot find a property to buy, so renting a property is the only option. Our landlords are able to choose the tenant who will best match their specifications at a higher rental price- undoubtedly a landlord’s market.

The finer details of the new Renters Reform Bill have not yet finalised, however the uncertainty will inevitably give rise to more landlords deciding to sell increasing further pressure on the rental market. The proposed legislation transfers even more rights to a tenant. I share the opinion of many industry experts, the Government has relied on the Private Rental Sector for too long and the solution to the fiercely competitive rental market is to provide more social housing.

Rachael will be circulating a landlord’s newsletter shortly, and is planning a series of engaging legal seminars for landlords throughout the region in the autumn. Please contact enewman@symondsandsampson.co.uk to register your interest.

Poundbury £825pcm East Morden £3,200 pcm

Nr Stalbridge £1095pcm Barwick £1,000 pcm

Commercial

According to the media “we all have covid, we can’t pay our bills, we will spend all summer stuck in an airport terminal, we’re all stupid because we voted for Brexit, we’re all stupid because we didn’t vote for Brexit, we’re borrowing too much, we’re spending too little” endless negativity is beamed at us daily!

Yes, the very sad Ukraine situation as we emerge from the pandemic, commodity shortages, supply chain issues, escalating building costs and labour shortages are having a widespread effect, it is quite clear that not everyone is at their most jolly.

However, we’ve had to rapidly learn to adapt to new ways of doing things – where there is crisis there is opportunity! We can all tighten our belts, adapt and thrive - isn’t that what we do best as a nation?

Businesses are now so much more efficient than they were before Covid. A new prime minister will bring a new strategy and new hopes for certainty for the autumn A resurgence of the high street may be on the cards as everyone comes back out to play. Both retail occupier uptake and investment in this sector have improved in recent times.

The industrial sector keeps charging forward and although it is clear that there are casualties in the supply chain, this sector is still growing and will continue to do so for the foreseeable future. Occupier demand is not diminishing.

Industrial property investment demand has far outstripped supply over the past few years and continues to grow unabated.

The flexible office environment is now very much part of our culture, so whilst demand for office space is not as it once was, it has not disappeared completely and this sector now offers new opportunity for the savvy investor. Commercial property investments in most sectors are consistently performing, often well above expectation. And it is clear.. Spending less is already dampening inflation. We don’t need to use the car so much. We should walk, bike and scoot more. We are more heathy (and we if turn the telly off we will be much happier too)!

Plus we won at the cricket, the home nations are doing well in the southern hemisphere, Wimbledon was great and the weather is fantastic. Come on media get behind the country and stop trying to fulfil a prophecy of doom and gloom!

Wimborne

Retail unit to let

Blandford

Investment property for sale

Planning & Diversification

Class Q is still available but is becoming more difficult to achieve with Local Planning Authorities (LPA) taking a far more robust look at the suitability of structures for change of use. This follows the ruling in the Hibbitt case where the Judge confirmed that if the building is just a steel frame with only some lightweight cladding to two sides, then the amount of work required to build up the walls is deemed to be tantamount to building a new structure. So, care needs to be taking to assess the suitability of a structure before moving forward with an application.

It is better to be clear at the outset rather then proceeding with an application and wasting your money and there are certain things that you may be able to do to strengthen your case prior to presenting the drawings to the LPA. It is even more important to secure professional advice and we have the best team to provide that.

Class R is a permitted development right that allows for the change of use of an agricultural building to a commercial use such as light industrial, storage and distribution and a further range of specific business uses. It is a quick and easy way to secure a commercial change of use with no prior approval application required on buildings smaller that 150sqm. There is good demand for commercial units in rural areas with rents starting at £50/sqm.

Survey & Design

2022 has seen a continuation of the numbers of new survey and design instructions, as well as general enquiries, similar to the volume received at the end of 2020 and in early 2021.

Instructions for pre-purchase surveys have continued. Whilst the volume has levelled out slightly in recent weeks, the numbers certainly haven’t fallen away.

Class Q approved on both the above.

Class Q is still not permitted for those areas within an AONB but they are permitted within Phosphate restriction areas where other residential development is currently restricted.

Instructions for design work are continuing to rise. We are seeing an increase in continued instruction following successful planning work the Firm had carried out in previous months. This includes designs for new and replacement dwellings, discharge of planning conditions, as well as the development of technical designs for building regulations approval and construction purposes.

The department will be looking to expand in these busy areas over the course of 2022 and into 2023. For survey and design enquiries, please speak to a member of the team.

Despite the uncertainties in the wider economy, it has been another very busy year for the Farm & Rural Finance Team in Symonds & Sampson as more of our farm and estate clients take steps to mitigate the impacts of the falloff in subsidy incomes over the coming years.

We have worked with some really vibrant and forward-thinking businesses looking at ways to improve efficiencies within their current business, pursue new income streams taking advantage of a relatively favourable rural planning regime or simply investing in land and buildings to expand the scale of the business.

Amongst some of the more interesting funding proposals we have been involved in the last year are the following;

• Development of holiday accommodation across Dorset, Somerset, Devon and Cornwall

• Purchase of land for a ‘wild camping’ venture

• Conversion of former farm buildings for residential lettings

• Purchase of an industrial investment portfolio

• Investment in technology including robotic milkers and improved farm waste systems

• Purchase of a public house

A proposed purchase of a diverse rural estate in Scotland

Did you know that all our Rural Finance specialists are also qualified Chartered Surveyors and Valuers who understand farm businesses and property matters to provide a full wrap around service for those considering a specific investment or just looking to explore their options?

If you are contemplating a new enterprise or land purchase, or just looking to review your current business finance, contact us for an informal discussion - without initial cost or commitment.

Neil Gladwin 01884 218911

Farm Finance Grants

As we progress through the seven-year agricultural transition period, moving support and policy away from EU-based schemes by 31st December 2027, DEFRA will be phasing out BPS payments, closing existing agri-environment schemes (such as Countryside Stewardship) and introducing a new approach. The new approach will be 3 tiered and include:

1. The Environmental Land Management scheme (ELMs). This is a new way to pay farmers and land managers to produce public goods, for example through nature-friendly practices

2. Grants and other help to improve farm productivity and prosperity

3. A new approach to farming regulation and enforcement

To keep up to date in these changing times, Symonds & Sampson are able to advise on all current and future Rural Grant Schemes to include ELMs (Sustainable Farming Incentive, Local Nature Recovery and Landscape Recovery) as well as other emerging schemes such as English Woodland Creation Grant, Slurry Infrastructure Grant and the Adding Value Grant.

Get In Touch

Axminster 01297 33122

Beaminster 01308 863100

Blandford 01258 452670

Bridport 01308 422092

Devizes 01380 710535

Dorchester 01305 261008

Frome 01373 831140

Ilminster 01460 200790

Poundbury 01305 236237

Salisbury 01722 334323

Sherborne 01935 814488

Sturminster 01258 472244

Tiverton 01884 218911

Wimborne 01202 843190

Yeovil 01935 423526

London 020 7839 0888

symondsandsampson.co.uk

Symonds &Sampson