Farm land-rental markets subdued over likely Brexit impact

Farm land-rental markets remain subdued, a fact which the Society of Chartered Surveyors Ireland / Teagasc land report links closely to Brexit fears.

Teagasc’s Jason Loughrey predicts confidence in the land market will be depressed by the impacts which a UK exit from the EU would have on the Common Agricultural policy.

Mr Loughrey said: “The uncertainty in the lead up to the vote is having a negative effect on agri-food exports due to the depreciation of sterling against the euro.

“If the leave side wins, it will be some time before the consequences crystalise fully.

"If Cap support and agri-food exports decline, farm incomes will be hit on two fronts and this will have an adverse impact on land sales and rental markets.”

Connaught/Ulster grazing land rentals rose 7% to 8% in 2015. Rents for crop lands rose by 2% to 6%, but are still just below 2010 levels.

Land rentals in Leinster remained mainly unchanged, but relative to 2010 rents for crop lands are 40% higher while rents for grazing lands are around 25% higher.

In Munster land rental values fell by 2% to 4% for grazing lands and 4% to 9% for crop lands.

However, land rents in the province are still 29% to 43% higher than those in 2010.

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