Thursday, November 09, 2006

The Bubble has Landed

The South East region of England is one of the wealthiest and most densely populated areas in Europe. Agricultural land values in the region reflect its affluent, metropolitan nature, an acre of arable in the Home Counties will cost you £5,429, £2,000 more than an acre of the green stuff in North East England or Scotland. However an acre of land in the South East is cheap as chips in comparison to land in Northern Ireland. An acre of land in the North will set you back a whopping (fanfare)……… £9,750. As far as I’m aware Northern Irish land is no more productive than land in Surrey, Hampshire or Kent. Northern farmers (to the best of my knowledge) haven’t taken to growing fields of poppies or marijuana, so why the hefty price differential. Could it be the spread of that rampant disease, bubbleitis from south of the border?

If you want more information on of the more bizarre side effects of the Irish Property Bubble, check out this link to The Valuation Office Agency in the UK.

1 comment:

Anonymous said...

The reason land in Northern Ireland is so expensive is that it is not liable for Inheritance tax if it is used for agricultural purposes. This is a nice way of avoiding tax and passing assets to your children. The other reason is that people refuse to sell land even if it isn't making any money as it has been passed down through generations and it is seen as their birthright. Even during the troubles and before the Celtic Tiger Northern Ireland land was at least double the price of equivalent land in Scotland. Houses have shot up in recent years due to Rep of Ireland speculators.