Date of publication

June 2004


1 85341 130 (paperbackk only)




150 x 210 (mm)


360 grams



The Valuation of Rural Property
Peter Prag


Agriculture and the rural economy in general is becoming increasingly diversified. As a consequence, the land market is now more complex and uncertain than before. There has therefore been a growing need for a definitive guide to the principles and practice of rural property valuation.

Using his considerable experience in the rural property field, Peter Prag has filled this need and written a book that is a useful reference for all who are professionally involved with land, and which also provides a unique source of essential practical information for land management students.

To help readers find their way around the different aspects of rural property valuation, checklists are provided at the end of each chapter. A glossary of terms and a further check-list for non-agricultural surveyors and other professionals appear at the end of the book. Worked examples and graphs throughout the text illustrate points made.


Introduction; Land with Vacant Possession; Market Evidence; Land Subject to Statutory Tenancy; Investment Calculations; Valuation of Tenancies; Land Let on Farm Business Tenancy; Quotas, Licences and Designations; Development and Diversification; Woodland; Sporting Rights; Minerals; Compulsory Purchase; Insurance; Check-list for the Non-agricultural Surveyor and Other Professionals; Terms and Instructions; Specimen Valuation Report; Glossary; Further Reading.


Peter Prag

Peter Prag has an MA from Oxford University. He is a Senior Visiting Fellow in the Department of Land Management, University of Reading, and a consultant to major firms of chartered surveyors on all aspects of land agency. After training in a County Land Agent’s office, his career has encompassed estate management for private and institutional landowners, commercial’ property agency work in northern Europe and agricultural investment advice throughout Britain for both institutional and overseas clients. He worked for Knight, Frank & Rutley for sixteen years, becoming a Partner with national responsibility for agricultural investment, farm and estate management and valuation. In 1991 he was appointed Chief Agricultural Manager to the Agricultural Mortgage Corporation until the post was dispensed with, following the acquisition of the company by Lloyds Bank in 1994. Since then he has consulted widely; recent projects have included the valuation of the Ministry of Defence estates and the initiation of a national investment fund for county council farms.

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