A BENCHMARK for the value of Lake District land has been ‘confirmed’ with the sale of an Eden farm for almost £2 million, according to the selling agent.

The 428-acre Moorend Farm in Matterdale went under the hammer for £1.93 million during ‘a packed to bursting’ auction in the Rheged Centre, Penrith.

The farm, a prime beef and sheep holding, was described by Thomas Armstrong of H&H Land and Property as ‘one the most sizeable farms to have come onto the market in this area in recent years’.

Bidding throughout was ‘buoyant and brisk’, with all lots being sold to local purchasers, Mr Armstrong said.

Some of the land near Greystoke sold for almost £10,790 per acre with the overall average price for bare land achieving £3,248 per acre, or 30 per cent more than the asking price.

The land, farmhouse, buildings and a stand-alone bungalow were up for auction in 11 lots with a guide price of £1.8 million.

These sold for a combined value in excess of the asking price at £1.93 million.

“The sale has set a benchmark and very firmly confirms that there is a huge demand for land in the Lake District,” said Mr Armstrong.

He said the sale of bare blocks of land demonstrated that Lake District and Eden Valley farmers and landowners were ‘looking to extend their acreages and they are prepared to pay the price’.

Sale details revealed that the land at Moorend farm is registered for Basic Payment purposes and the entitlements would be transferred to the buyer.

The land is currently subject to an attractive Entry Level plus Higher Level Stewardship Scheme which is due to expire on May 31, 2024. The income for this is £13,273 per year.

Sporting and mineral rights owned by the vendor were also included in the sale.