Land and marriage values.

These days most people in the countryside crave a small piece of extra land especially if they have none or only a little. Many want more than a little. Demand can be high and competitive if it is near villages and towns.

Before buying, you should carefully consider it's use under your ownership as land does not take care of itself whether woodland, amenity, arable or pasture. It requires some level of management to keep it in good health. Also the tax implications need consideration which is another subject in itself although many will be aware of the tax advantages of agricultural land and inheritance tax.

Acquiring land near or adjacent to your property is not always easy - it can take time, a lot of patience and sensitive negotiations.

The value of land has risen considerably in the recent past, whatever the type and quality. In effect, it has caught up with property and the buyer profile has changed whether for amenity, equestrian or agricultural use. The knock on effect has been that valuing land is not straightforward whether "bare" or "enhanced" in appearance. One factor that will form part of the equation is "marriage value". By this I mean, does it add value to your property regardless of the vendor's use for it? A rule of thumb is the smaller the parcel, whether for a tennis court or orchard, the more expensive the price per acre. There is no science to this and it boils down to whether it is worth the vendor's time and trouble against the price offered. Do not assume that because it is currently in agricultural use or part of a farm that you will pay agricultural prices.

Let's say agricultural land is worth on average £5,000 per acre - buying a small piece of this land could end up costing anywhere from £10,000 to £150,000 per acre pro rata. I can site numerous examples where a paddock or field has sold for prices in this range. However, it is not only the price but the negotiations that can be testing. I recently bought some woodland for a client which he had been after for 5 years. It required a high level of patience and helped to involve a third party. It may sound strange but people would far rather have an agent involved as a go between than risk a falling out with neighbours or clash of personalities.

I believe there is nothing like a direct approach in these situations. Too often I know of people who have lost out on land and indeed property because they were working on a strategy or thought they were the only person with an interest.

So be bold but do not be surprised at what some vendors ask for a small piece of land. Remember, for some, it makes no difference whether they sell or not but the value to your property aside from personal enjoyment can be be in the region of 10% - 20%. You should bear this in mind when you make the initial offer.