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European Review of Agriculture Economics Vol 27 (4) (2000) pp.519-532
© 2000 Oxford University Press and the Foundation for the European Review of Agricultural Economics

A hedonic analysis of agricultural land prices in England and Wales

D Maddison

University College London, London, UK
University of East Anglia, UK

Summary

With the hedonic approach, farmland price differentials are held to be indicative of underlying productivity differences. Data characterising over 400 separate transactions in farmland in England and Wales in 1994 are analysed, and the marginal value of particular farmland characteristics is computed. The analysis indicates that climate, soil quality and elevation are all important characteristics, in addition to the structural attributes of farmland. It is found that landowners are unable to costlessly 'repackage' their land and that regulated tenancies halve farm values. Some doubt is cast on the accuracy of professional valuations performed by land agents.

Keywords: hedonic prices, farmland values, England and Wales


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