Cumbrian agricultural land values could be affected by the Lake District's new World Heritage Site status, according to a leading property firm.

This comment came after research found the value of farmland across the UK has stayed steady in the second quarter of 2017.

Agency Carter Jonas has reported that transactions in this period took place despite uncertainty in the industry but that there is a lack of supply in "hotspots" which has resulting in prices stabilising. After falls during the summer and autumn months of 2016, average arable land values are now recorded at below £10,000 per acre across the whole of the UK.

The firm has also found that sellers have been choosing to keep their assets in whole lots, which traditionally have proved more difficult to sell, due to their higher price tags.

Stock is remaining on the market - compared to three years ago - for longer periods of time, as a result and buyers have been unwilling to rush into a purchase, choosing instead to hold out for the ‘perfect farm’ that will meet all their requirements.

Evidence also suggests bank lending for the agricultural sector is increasing, and that lenders are willing to support businesses that can service the debt with good record and business plans.

Robert Bowyer, a rural surveyor with Carter Jonas in Kendal, said: “In the north west deals are being done – albeit at a slower rate than six months ago. Buyers are taking fewer risks and are being more cautious in terms of what and where, they are buying. Hotspots are evident, with sales progressing more quickly than the rest of the region.

“The farming community is looking more closely at its costs of production and financial stability; investments need to prove their worth. Amidst an uncertain economic landscape, farmers are weighing up the merits of investing in land to support subsidised enterprises, against unsubsidised enterprises on a more intensive basis, such as pigs and poultry."

“A question I have been asked recently is – “Why would I invest in more land, when I could invest in a new poultry unit and make twice the return', he added.

"The buyers most prominent in the market are farmers with a strong business acumen, who have a diverse risk profile and are looking to expand.

“Activity is expected to remain slow ahead of the UK/EU trade deal and it is likely that smaller, marginal farms will start to be sold off as larger operators expand their existing holdings.

“It will be particularly interesting to see the impact of the Lake District’s new World Heritage Site status on the market. While it is likely that the residential market will see a boost as a result, it remains to be seen whether land values will be affected.”

Tim Jones, head of rural for Carter Jonas nationally, said: “The second quarter of 2017 has seen the market react to a great level of uncertainty and, as a result, the correction in land values is to be expected. Following the recent government pledges on support, it is vital that the agricultural sector prepares itself for the changes that lie ahead, and remains innovative and adaptable in the face of uncertainty.”