Buying Land

[_DeeJay_]

Would I be mad at the moment to consider buying some land at the moment?

A 5 acre field has come up in my local village and we're tempted to buy it for equestrian use. We live in a really small village and land is scarce given that we live pretty close to Newmarket (the horsey capital of the country).

However, given the current financial climate I'm concerned I'll be spending money that I should potentially be saving for a rainy day. On the other hand, I'll kick myself if we miss an opportunity that's unlikely to reoccur.

I read on another thread that land prices are likely to fall quicker than houses so am also concerned about the price I should be offering given that it could potentially fall. Anyone have any ideas of how much such land sells for in Cambridgeshire?

thanks all.
D

[Nolar Dog]

Personally I'd buy it (and be prepared to be in for the long term) before someone with way more money than you snaps it up for horsey stuff.

[sa_20v]

I doubt the opportunity will arise again, in your shoes I would consider it.

[rhinochopig]

Think what it was worth 2 years ago. Those sort of prices will return eventually, or we'll all be living in cardboard boxes so it won't matter anyway.

[elster]

If you can afford it and want it. Get it.

[falcemob]

Out of interest, how much is it and is there water and electric to it? Just wanted to compare with land down my way.

[_DeeJay_]

falcemob said:

Out of interest, how much is it and is there water and electric to it? Just wanted to compare with land down my way.

It's literally an overgrown field so will need cutting, fencing then water and electric.

We've investigated water and it's possible we'd be able to get a connection by access through the neighbours, which would obviously cost us extra.

It's 7k/acre.

[krusty]

7K per acre is about as low as I've seen. 8-10 is more the normal so I'd buy if you can.

[Gaspode]

Like Mark Twain said, invest in land - they've stopped making it. Go for it, definitely, but don't underestimate the time and costs of clearing and fencing it. But then it does give you the chance to buy lots of cool men's toys like tractors.

[falcemob]

_DeeJay_ said:

falcemob said:

Out of interest, how much is it and is there water and electric to it? Just wanted to compare with land down my way.

It's literally an overgrown field so will need cutting, fencing then water and electric.

We've investigated water and it's possible we'd be able to get a connection by access through the neighbours, which would obviously cost us extra.

It's 7k/acre.

At that price, I'd go for it, we paid circa £10K per acre in NW Kent but it did have stables, water and electric already there. One acre however is woodland and my wife did have to have new fencing put up when we bought it at a cost of £4K

Edited by falcemob on Sunday 7th December 17:43

[tuscanx1]

Go for it, I'd say that was a bargain! I have 6.5 acres where I live and it is seriously hard work to keep it in good order. My £1400 ebay tractor helps though as does the topper and mower! Now I need a digger too....an emergency piggy bank is always useful when you own land!!

[_DeeJay_]

falcemob said:

_DeeJay_ said:

falcemob said:

Out of interest, how much is it and is there water and electric to it? Just wanted to compare with land down my way.

It's literally an overgrown field so will need cutting, fencing then water and electric.

We've investigated water and it's possible we'd be able to get a connection by access through the neighbours, which would obviously cost us extra.

It's 7k/acre.

At that price, I'd go for it, we paid circa £10K per acre in NW Kent but it did have stables, water and electric already there. One acre however is woodland and my wife did have to have new fencing put up when we bought it at a cost of £4K

Edited by falcemob on Sunday 7th December 17:43

I suppose it'll work out somewhere around that once we've got everything sorted. However, it does allow us to pay a smaller amount today and do the rest over time.
Thanks for all your feedback - it's much appreciated.

[Spoons]

_DeeJay_ said:

Would I be mad at the moment to consider buying some land at the moment?

A 5 acre field has come up in my local village and we're tempted to buy it for equestrian use. We live in a really small village and land is scarce given that we live pretty close to Newmarket (the horsey capital of the country).

However, given the current financial climate I'm concerned I'll be spending money that I should potentially be saving for a rainy day. On the other hand, I'll kick myself if we miss an opportunity that's unlikely to reoccur.

I read on another thread that land prices are likely to fall quicker than houses so am also concerned about the price I should be offering given that it could potentially fall. Anyone have any ideas of how much such land sells for in Cambridgeshire?

thanks all.
D

Bidwells deal in agricultural/equestrian land, they will know the value.

[Wings]

Some twelve years ago I was offered the chance of buying an acre of horticultural land in my village for £8k, at the time I turned the offer down, just recently the same piece of land has sold at auction for £35k. So since God is no longer making land, if I was in the OP’s position I would buy the piece of land.

Edited by Wings on Sunday 7th December 19:08

[AstonZagato]

Agricultural land trades for between £3k and £10k an acre if it has no facilities. If it is "amenity land" (ie next to your house) the sky is the limit. I have heard of that stuff trading at values like £100k and £50k. If it has development potential (a run down building, services, etc. on the edge of a village or by a major road), it could be several hundred k.

So the only real question is what is it worth to you...

[thinfourth2]

Buy it

If the financial wizards are to be believed then you are going to need it to feed yourself

If you don't believe them then it is something you want

[ironictwist]

Great topic! Although I almost wish I hadn't seen it now! It's giving me ideas which is never a good thing.

Toddled over to rightmove & found some brilliant bits of land I'd love to snap up...So much so that I may start another thread which relates to this.

Now...Do I go for the TVR first, then land or TVR, house, then land or land, TVR, house, hmmmmmmmmmmmmmm!

[_DeeJay_]

AstonZagato said:

Agricultural land trades for between £3k and £10k an acre if it has no facilities. If it is "amenity land" (ie next to your house) the sky is the limit. I have heard of that stuff trading at values like £100k and £50k. If it has development potential (a run down building, services, etc. on the edge of a village or by a major road), it could be several hundred k.

So the only real question is what is it worth to you...

We've also got another 4 acres right next to our house which is next to a (minor) road and already has fencing, water, electric, stables etc. We're the last house in the village.
The person who owns it bought it for 20k 3 years ago, but now wants £200k for it on the off chance it becomes building land.

I'd love that land, but I definitely can't afford that!

I do think that the other plot sounds ideal for us and it's worth attempting to buy it in favour of performing further renovations on our house. In the long run I hope it will work out to be a good investment.

[Nitro...]

I bought a 2 acre flat field adjacent to my house 2 years ago for just over £20k.
We were the winning sealed bid out of 6 bids, by £50.00.

My ultimate plan is to build my retirement home in 20 years time.
I wouldn't get planning yet as the land is outside my village boundary, but these boundaries are always moving.

I've got sheep on it at the moment, saves having to cut it.

[Trevelyan]

Speaking from experience here, small plots of land in villages tend to be attractive to other people as well, who you probably wouldn't really want as neighbours. I know of at least two villages near me where small paddocks or plots or equestrian land have been bought by travellers, and now have several caravans parked up on them. If you decide not to buy it then be warned...