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Succession worries driving second-hand machinery sales as high demand continues

Succession issues, more contract farming arrangements and higher machinery values have driven the markets in 2018 as high demand continues for quality second-hand machinery.

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Succession worries driving second-hand machinery sales as high demand continues

On-farm sales have been continually growing in popularity over the past five years, and Cheffins said this year 50 per cent of sales were due to succession issues.

 

Other sales have been the result of farmers selling or letting farms, entering into contract farming agreements or bringing forward retirement plans.

 

Cheffins said farmers were looking to use less kit across more acres, with higher horsepower machines very much in demand.

 

Stronger commodity prices have also given farmers more spending power.


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Bill Pepper, Cheffins Cambridge Machinery Sales, said 2018 had seen strong prices paid, with December’s sale seeing the highest total achieved for the past five years.

 

“The number of lots offered was almost exactly the same as last year and this goes to show the growth in values for individual machines, whether these are for quality second-hand tractors, plant, agricultural machinery or horticultural equipment," said Mr Pepper.

 

“Demand is out there for the best in class and this has been demonstrated by some of the prices paid, such as £55,000 for a 2016 Massey Ferguson 7724.”

 

Euro Auctions reported a 40 per cent increase in sales at a recent sale, compared with last year as it sees an increase in the ‘quality, quantity and diversity’ of items.

Jonnie Keys, Euro Auctions operations manager, said: “This in turn is attracting news consignors and also increasing bidder turnout which together have helped our auctions achieve record hammers around the globe.”

 

Both have seen good international sales.

 

Cheffins reported the return of Sudanese buyers and Mr Pepper said machinery seemed to be feeling the positive impacts from the weak pound.

 

Euro Auctions said there were buyers from more than 50 countries.

 

Mr Pepper added he expected values to continue to rise in the New Year.

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