The average value of bare agricultural land in England and Wales remained virtually unchanged in the first three months of 2019.

According to the Knight Frank Farmland Index, values continue to hover just below £7,000 per acre: three percent lower than they were 12 months ago and down five percent over five years. However they are still almost 50 percent higher than they were a decade ago.

Andrew Shirley, head of rural research at Knight Frank said: “Rollover relief remains a powerful market driver in certain parts of the country, helping to underpin values for all types of farmland.

"Where this leads to competition among buyers historically strong prices are still being achieved. Land markets will remain in a state of flux without a clear direction for the future.”

Key highlights from the report include:

• The average value of bare agricultural land in England and Wales remained virtually unchanged in the first three months of 2019

• Average price of land hovers just below £7,000 per acre – three percent lower than they were 12 months ago and down five percent over five years – but still almost 50 percent higher than they were a decade ago.

• Lack of political clarity means potential vendors and purchasers continue to sit on their hands unless there is an urgent reason to strike a deal

• Land markets will remain highly variable regardless of which way average prices head

• While cereal and milk prices are generally higher than they were 12 months ago, beef and sheep values have fallen