Arable land in south Norfolk makes £13,000 acre or £2.3m

A block of arable land in south Norfolk has been bought by a farmer for about £2.3m.

The predominantly arable land made more than £13,000 an acre for the 174.74 acres at Low Common, Bunwell.

Offered for sale in July by the Norwich office of agents, Savills, it had a guide price of about £8,400 an acre.

There was strong competition from farmers and investors as it sold for 'in excess of the guide, representing more than £13,000 per acre.'

Christopher Miles, head of the firm's regional rural agency, said: 'This is a good example where full marketing in a market lacking in supply has driven up the price beyond the current average.

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'For ambitious farmers wanting to expand there are few opportunities out there and so they are willing to pay to get the right thing. Farmers have to take a long-term view and it's usually the underbidders who regret not paying enough to acquire what is an increasingly scarce commodity.'

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