Overseas buyers have pushed up prices as they look to take advantage of the currency exchange
Overseas buyers were key players in machinery markets in 2017 in a trend which was likely to continue in 2018, as they took advantage of the weaker pound.
Cheffins said as new machinery prices continued to grow, buyers were turning to high quality second-hand machinery.
Despite an increase in the number of farmers selling machinery, prices have increased as farms looked to cut costs and pick up high quality kit without the price tag of something new.
But Cheffins director Bill Pepper said overseas buyers had really driven prices upwards with the weaker pound making the British market more attractive.
Spanish buyers have been some of the most active according to Mr Pepper, with competition between overseas and UK purchasers driving up the prices achieved.
American buyers have also been bidding due to the strength of the US dollar.
“Regular overseas buyers are now frequently spending six figure sums on a monthly basis with the Spanish being some of our most active buyers, with one purchaser buying over 30 tractors in one sale, amounting to more than £500,000,” he said.
“We forecast that 2018 will continue in much of the same vein with price rises continuing for quality second-hand machinery and hopefully an increase in stock throughout all levels of the market.
“As Brexit negotiations loom, the agriculture industry will be waiting for news on support payments and while this may end up having an effect on the purchase rate of brand new machinery, we expect that it ought to help the second-hand market as farmers and landowners look to cut costs in this time of uncertainty.”
He added John Deere tractors had been the default choice for the majority of buyers this year, whilst Massey Ferguson and New Holland had been the main choice for both Northern and Southern Ireland. JCB Fastracs have also sold well to Polish buyers.