THE North West is outperforming other areas of England and Wales when it comes to pasture values, according to a report by a major estate agency.

In the North West region, encompassing Cumbria and parts of the Yorkshire Dales and Lancashire, pasture values are up by 5.9 per cent - to £6,831 per acre - when compared with the same period in 2018. Nationally, values are down by 0.2 per cent.

The statistics were revealed in a quarterly update by estate agents and property consultants Carter Jonas, which has an office in Kendal.

Robert Bowyer, a surveyor with the firm, said: “Interest from overseas purchasers has picked up in recent months with favourable exchange rates likely to be a key factor.

“This has offset the tough market conditions we are currently experiencing not only in the North West, but across the country.

“The lifestyle market within the national parks remains healthy, where properties offer an easy, low-risk investment.

“More complicated properties - those that require significant alteration or improvement, or that have legal issues - are taking longer to sell.”

However, the average value of arable land in the North West in the quarterly report was recorded as £9,500 per acre, a year-on-year decrease of five per cent and slightly worse than the national average of 4.7 per cent.

Mr Jonas said: “On the agricultural front, the market is thin with very low supply levels.

“(Not only) buyers are out there, but all parties must be realistic about timescales and understand the complexity of the purchase.”

He added “lack of confidence in the market” made buyers “hesitant about large capital investments.”