How much should I bid?

[MoonfacedMilksop]

There’s a piece of land for sale that is being sold by informal tender. Estate agent says they have so far received 6 bids and there’s a week before it closes. The land is listed as ‘offers over’ but I don’t know how much over I should offer.

The land is walking distance from my house and is pretty much the only area of unused farmland that is. There have been other parcels of land for sale over the last few years but they’ve always been a good 10-15 minute drive away. I want to use the land for horses so having it walking distance away is a huge bonus.

How much would you bid? I received a lump sum of £200,000 which I want to spend on something that is just for me but obviously the cheaper the better! Land is priced at offers over £110,000.

This may be a dumb question but are all the offers received over 110k? Does it just go to the best offer or is there the opportunity to bid again? Do you know what similar land has gone for?

I can't really help but t'internet says average £25,000 per acre. Apparently it's shot up in value in recent years.

I don’t know whether the offers are actually over £110,000 or not. Estate agent said it had previously been listed for sale last year and the owners received an offer of £110,000 which they declined, hence the bidding being listed as offers over £110,000. The seller has no obligation to accept the highest bid, or indeed any of the bids. The land is 4 acres so £25k per acre sounds about right as it also has a stable block and water.

There really isn’t any similar land to compare it to that has come up for sale in recent years. I live in a town in a very rural county. Whenever pockets of land come up for sale on the edge of town they are always with PP so hugely more than any farmland. This piece of land adjoins an AONB and as such can never have PP for housing but it does have a stable block which could possibly be converted.