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Activity in the agricultural land market in NI is picking up again, after it effectively stopped during the coronavirus lockdown.
Viewings of properties were permitted to re-commence from Monday, if social distancing measures are in place, and the land registry office became operational again last week.
The land registry holds records of property ownership in NI and, although its offices remain closed to the public, a full online service for applications is now available.
Sources indicate that a limited number of transfers were able to proceed during the lockdown which were mainly sales of bare land without buildings.
“The main difficulty over the past few months was getting deals over the line that had been agreed during the winter. With the land registry now open, these sales are able to go ahead as planned,” said Dungannon-based auctioneer Trevor Law.
There is still a good demand for land among buyers
The lockdown has also meant a lower volume of land has come on the market in NI since mid-March.
Records kept by the Irish Farmers Journal indicate that 4,503ac of land has been publicly advertised for sale in NI this year to date, down 19% compared to the same period in 2019.
There has been a rise in the number of agricultural properties being advertised for sale in recent weeks as lockdown restrictions begin to ease.
However, Law points out the land market is historically quiet during the summer months and the same trend is expected this year.
“Land is tied up in conacre agreements or is being farmed by the owner so more tends to come on the market later in the year,” he said.
Despite forecasts of an economic recession, Law expects the agricultural land market to continue to perform well in NI.
“After the summer, a similar number of sales should come on the market again as in previous years. There is still a good demand for land among buyers,” he said.
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