A leading East Anglian farm machinery auctioneer has reported record sales totalling £71m in 2023 as buyers sought out second-hand bargains.

Cheffins conducted 51 sales last year, including on-farm dispersals and the regular machinery and vintage auctions at its saleground in Sutton, near Ely.

The firm said demand for top-quality used machinery "remained strong", with buyers prepared to pay premium prices as they looked to the second-hand market for "sound financial investments and a significant saving on buying new".

Cheffins director Oliver Godfrey said: "Despite supply chains returning to normality from the past couple of years, new machinery prices continue to be high, which is adding caution to the market, especially when many arable growers have struggled to get winter crops established.

"The export market has also returned in full force over the past 12 months, with machines sold and shipped worldwide from both our monthly machinery sales hosted at Sutton and at the on-site sales throughout the country.

“There is still a huge demand for low-hour, high-spec, well-maintained second-hand equipment that has come directly from farm.

"Buyers are prepared to pay a premium for these items as they represent a sound investment and a considerable saving over a new machine."

Cheffins' sales total of £71m in 2023 was a £23m increase compared to the previous year.

The firm said its nationwide auctions generated "strong UK interest as well as buyers from throughout the EU".

Some of the "standout lots" included a low-houred 2022 John Deere 6R125, which sold for £131,000 to a buyer from Poland, and a Massey Ferguson 20 Multi-Power which fetched three times its estimate, selling at a record price of £31,500.

Mr Godfrey added: "2024 has started at the same pace we saw in 2023, with strong prices being paid for good-quality, second-hand machinery and we have several big sales already in the pipeline that we are excited to bring to market."