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Two centuries of farmland prices in England

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  • Arvydas Jadevicius
  • Simon Huston
  • Andrew Baum
  • Allan Butler

Abstract

The dissemination of robust asset price data can help improve market efficiency, resource allocation and investment analysis. Land prices influence housing affordability, food security and the carbon infrastructure. Yet price and return histories for farmland in England are fragmented. To provide perspective, a long farmland price series is needed to improve transparency and bring the asset class into line with commercial and residential real estate. After reviewing the historical backdrop and considering methodology, this research uses a chain-linking approach to construct a long-term farmland price series for England. It then adjusts the series for inflation to examine real land prices. The resulting two-century English farmland prices series contributes to farmland market analysis. Notwithstanding some concerns with long-run chain component heterogeneity, the combined series helps us to understand English average farmland price dynamics. As measured by the geometric mean, English land price real capital returns have been positive over more than two centuries. Farmland real price growth was 0.33 per cent annually from 1781 to 2013 and 0.71 per cent from 1801 to 2013. The series contributes to an understanding of land price dynamics.

Suggested Citation

  • Arvydas Jadevicius & Simon Huston & Andrew Baum & Allan Butler, 2018. "Two centuries of farmland prices in England," Journal of Property Research, Taylor & Francis Journals, vol. 35(1), pages 72-94, January.
  • Handle: RePEc:taf:jpropr:v:35:y:2018:i:1:p:72-94
    DOI: 10.1080/09599916.2017.1393450
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    References listed on IDEAS

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    Cited by:

    1. David Chambers & Christophe Spaenjers & Eva Maria Steiner, 2020. "The Rate of Return on Real Estate: Long-Run Micro-Level Evidence," Working Papers hal-02896386, HAL.
    2. Shizhen Wang & David Hartzell, 2021. "Real Estate Return in Hong Kong and its Determinants: A Dynamic Gordon Growth Model Analysis," International Real Estate Review, Global Social Science Institute, vol. 24(1), pages 113-138.
    3. Tomáš Seeman & Karel Šrédl & Marie Prášilová & Roman Svoboda, 2020. "The Price of Farmland as a Factor in the Sustainable Development of Czech Agriculture (A Case Study)," Sustainability, MDPI, vol. 12(14), pages 1-17, July.

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