A Hedonic Analysis of Agricultural Land Prices in England and Wales

Posted: 13 Oct 2001

See all articles by David J. Maddison

David J. Maddison

University College London - Department of Economics

Abstract

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

Suggested Citation

Maddison, David J., A Hedonic Analysis of Agricultural Land Prices in England and Wales. European Review of Agricultural Economics, Vol. 27, No. 4, December 2000. Available at SSRN: https://ssrn.com/abstract=256561

David J. Maddison (Contact Author)

University College London - Department of Economics ( email )

Gower Street
London WC1E 6BT, WC1E 6BT
United Kingdom

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