The pasture land at Bitchet Green, Kent, was sold by chartered surveyors and estate agents Ibbett Mosely at their second property auction.
The previous record for agricultural land locally is £15,000 per acre, so the vendor was delighted with the staggering £36,000 per acre that was reached during bidding.
Senior Partner at Ibbett Mosely in Sevenoaks Dr Robert Wickham said: “We are delighted that the land was sold for such a large amount and our client is thrilled. Agricultural land is definitely escalating in value as people look for safe places to invest their money during uncertain and unstable economic times. They are seeing land as a much better alternative to unstable investments such as currencies and stocks and shares.”
Other properties that sold included a Grade II listed cottage in Wrotham, Kent, and a 2.1 acre plot in Seal, Kent, with planning consent. Both reached their guide prices.
Following the success of the auction, entries are being taken for July.
The property auction service was launched by Ibbett Mosely as an alternative to conventional buying and selling. Six lots went under the hammer at the auction rooms in Argyll Road, Sevenoaks, on 12th April including plots of land, renovation projects, commercial and ‘move in’ condition properties.
The company has had its own furniture and fine arts department for 75 years, with auctions held on a monthly basis, and the decision to expand into property comes after a surge in interest from people wanting to sell at auction.
Ibbett Mosely’s Auctioneer and Valuer Alan White said: “We’re really excited about this new service and very pleased with how this auction went. Auctions can present great opportunities for astute buyers and investors to secure a dream home or good investment away from the regular property buying market.”
Property auctions are becoming increasingly popular as a result of programmes like ‘Homes Under the Hammer’ and a way for sellers to gain the best possible price for their property or land.
Alan added: “Buyers and sellers also have the benefit of a quick and uncomplicated sale, knowing that once the hammer falls the contract is legal and binding and you don’t have the uncertainty associated with selling a property in the conventional manner.”
Best known for its residential and commercial property services, Ibbett Mosely offers a complete range of integrated property services, from selling, letting and property management to planning consultancy and design, surveying, architectural services and town planning. The award-winning company also owns an auction house in Sevenoaks specialising in furniture, antiques and fine art and now property.
Ibbett Mosely, which has been operating for more than 100 years, has offices in London, Sevenoaks, Otford, Borough Green, Westerham and West Malling and has some of the UK’s most experienced chartered surveyors on their team.