Land prices rocket as supply slumps

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Increased demand and shortages in supply has pushed farmland prices to record highs, according to industry experts.

RICS’ Rural Land Market Survey shows the average price per acre for farmland in the East of England rocketed to £7,250 during the second half of 2012.

The land surveyors say prices have continually risen since 2009.

Demand is being driven by farmers looking to expand while agricultural commodity prices remain high, the report says.