The value of arable land in Cumbria has dropped in the last year, according to an estate agent and property consultant.

Carter Jonas Cumbria said local arable land averaged £9,500 per acre in the fourth quarter of 2019 – down by 2.6 per cent over the last 12 months.

Meanwhile, pasture values averaged £6,750 per acre in the same quarter.

Robert Bowyer, surveyor at Carter Jonas Cumbria, said: “The UK’s land market has faced tough conditions over the last 18 to 24 months, largely due to Brexit uncertainties, which have resulted in a weakening of Sterling, and worries surrounding the future of farm subsidies.

"As expected, these issues have been reflected in land value trends.

"However, local values have held up remarkably well and have only suffered modest falls.

"Across Cumbria, demand for lifestyle farms has increased more than usual towards the end of this year, despite the market generally being quiet.

"Talk of changes to Capital Gains Tax on second homes has cooled the market somewhat, however this has not deterred vendors preparing to launch assets in early 2020.”

He said farmland values across England and Wales are still 10 per cent above levels achieved five years ago, while supply levels were lower than previous years.

At the end of December, supply of publicly marketed farmland totalled 97,000 acres – a 48 per cent reduction on 2018 and 38 per cent below the five-year annual average.

The average volume coming to market each month in 2019 has reduced to 8,008 acres, compared with 15,417 per month in 2018.