THE price of UK wool could continue rising throughout 2015, according to the British Wool Marketing Board.

The coming year 'holds much hope' for British sheep farmers, with 'a number of exciting opportunities for all involved in the wool sector', said the board's communications manager Gareth Jones.

“Importantly, wool prices and clearance rates in the latter half of 2014 were strong and demand remains to be forthright for all classes of wool being sold. After the latest British Wool sale held in the first week of January more than 17 m kgs of wool had been sold from the 2014 clip, with clearances of 96 per cent and 98 per cent at the two most recent sales.

"From a clearance perspective, compared to last year, we are very much on target and subject to no major global problems affecting the market, anticipate minimal stock at the end of the season.

“In the last four years, the wool clip values have been consistently higher than the previous ten years. To date, the overall sale average price for the 2014 season is up 4p/kg for producers, when compared to the same period last year.

"This average increase of 4p/kg is perhaps not as high as we might like, especially on the carpet types, but we are hopeful with the continued clearance levels at auctions, a further increase will be seen through the remainder of this year’s selling season.”

Mr Jones said global demand for British wool was still strong and falling sheep numbers in many parts of the world, meant the supply and demand equation was finely balanced.

“While we’re unlikely to see prices make any dramatic surges, a tightening of supply does mean prices should hold strong,” he added.