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.

'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.'