Produced by Caxtons Chartered Surveyors, Locate in Kent and Kent County Council, the report reviews activity across the rural, commercial and residential sectors in Kent and Medway in the past 12 months and looks at the prospects for the year ahead.
It was launched at the Mercure Maidstone Great Danes Hotel.
The report’s review of the rural sector was compiled by Savills, and concluded that the key issues determining prices achieved remain low commodity prices and location-based demand.
In the report, Savills state: “Most of the questions surrounding Brexit and its impact on the UK remain unanswered and will do so for some time, but our analysis to date is beginning to suggest that the impact of changes to trade agreements could be far more significant than changes to the existing agricultural subsidy.
“The key issues determining prices achieved for farmland remain low commodity prices and location-based demand.”
The report adds that UK-wide land supply in the first seven months of the year was comparable to the same period in 2015.
It adds: “The market normally quietens in the summer so it is difficult to assess the actual Brexit effect. In some areas there is evidence of a good number of larger farms coming to market, especially across the southern half of England.”
The average value of farmland across the UK fell by just under 2% in the first half of the year, but while there was some uncertainty in the market before the EU referendum, deals agreed before the vote are largely being honoured, and a number of new deals have been struck since June 24 at the levels anticipated beforehand.
Looking ahead, the report states there are factors that suggest the additional downside of Brexit on farmland values may be muted.
It says: “Agriculture tends to do well in time of economic uncertainty. In addition, the weak pound creates opportunities for overseas buyers.”
Chairman of Caxtons, Ron Roser, said that in its fourth year as main sponsors of and contributor to the Kent Property Market Report, the firm is delighted this year’s research confirms Kent is well positioned to withstand the uncertainties presented by impending Brexit negotiations.
He added: “This year’s report reflects the positivity across the property sector in the county and we are delighted and look forward to a very busy year ahead.”
Kent County Council’s cabinet member for economic development Mark Dance said: “The year ahead will undoubtedly be challenging and there remain uncertainties, particularly with major elections in the USA, France and Germany.
“But this report shows us that, with substantial planned investment and developments, Kent and Medway offers some of the most exciting economic growth prospects in the South East.
“Kent remains an increasingly favourable business location, given the impact of rising prices in London and other parts of the South East, and the help and support KCC offers to business.
“Our location, despite the unknown effects of Brexit, will remain a vital gateway to continental Europe and the county an attractive place for both domestic and international business.”
The Kent Property Market Report is also supported by Clague Architects, Cripps, DHA Planning, Kreston Reeves, Mitchell Design, RICS and Savills.
Pictured: Launch team: (left to right) David Fitzsimmons, chairman of Locate in Kent; Ron Roser, chairman of Caxtons; Cllr Mark Dance of Kent County Council; guest speaker and editor of Property Week, Liz Hamson; and Mark Coxon and David Gurton of Caxtons with this year’s Kent Property Market Report