The current market for Basic Payment Scheme (BPS) entitlements in Northern Ireland differs sharply with the trade in Ireland.

Reports indicate that high value entitlements are being sold from 2.2 to 2.4 times their value on average in the Rrpublic of Ireland (ROI), with some entitlements selling as high as 2.6 times their value.

However, the trade in Northern Ireland is much more subdued, and most farmers with clean land are opting to lease entitlements for one-year due to uncertainty around entitlement values going forward.

In 2024, entitlements in Northern Ireland are being cut by 9% to fund the new Beef Carbon Reduction Scheme, and further deductions will occur in subsequent years to free up money for the upcoming Suckler Cow Scheme and Farming With Nature package.

Gamble

According to Omagh-based auctioneer Roy McCracken, buying entitlements for clean land in 2024 “seems like too much of a gamble” for many Northern Ireland farmers.

One-year leasing is the more popular option, and demand is strongest for higher value entitlements, as these ultimately bring in a better payment for those with clean land.

The situation is different in ROI where entitlements are also being cut, but farmers have more certainty with entitlement values known until at least 2027 under the current CAP Strategic Plan. That said, some entitlements are still being sold in Northern Ireland this year, although this is mainly for smaller areas of land.

“Higher value entitlements are easier to sell and are trading at slightly above face value,” McCracken said.

The deadline for transferring entitlements through DAERA online services is 2 May 2024. This differs to ROI where the deadline for trading entitlements is 15 May 2024.

“For safe trading we would recommend that trading should be completed before the last week in April to allow agents time to complete paperwork before the deadline,” McCracken added.