The 2003 farm market saw considerable activity despite the proposed changes to the Subsidy Payment structure as part of the Mid-Term Review (MTR), says David Kivell, head of Kivell's farm selling department across Devon and Cornwall.

There is no doubt that the MTR has made buyers and sellers more hesitant with the greatest effect being on demand for larger arable and livestock units.

The underlying demand for farms has remained good with many commercial farm buyers looking to upgrade into larger farms or move into the West Country from areas which have become over-populated and difficult in which to expand.

The residential farm market through the spring and early summer was quiet in line with the slower housing market, which was probably much to do with the Iraq war earlier in the year.

As we moved into the late summer and autumn the farm and residential market picked up quite significantly with more buyers moving on with their plans to buy farms and move to the West Country for the quality of life and for so many other different reasons.

At the tailend of the year we saw much more farm activity with buyers deciding not to wait any longer for a clearer picture on the outcome of the MTR.

We finished the year with several farms under offer, including Elmsworthy, near Bude, which is a 168 acre stock and arable farm, which is under offer against a guide of £700,000; Hallwood Farm, near Okehampton is a 90-acre residential Farm which is under offer against a guide of £650,000; and Higher Alsworthy, near Holsworthy is a 100 acre residential stock farm which is under offer against a guide of £700,000.

There is a strong demand for good sized, well-equipped dairy farms and also quality residential, arable and stock farms with sporting or alternative income potential.

Available farms include the well-renowned Sutton Farm near Launceston, which is a 260-acre dairy, stock and arable farm which is quietly situated in a renowned farming area. Sutton has a well-presented five-bedroom farmhouse and extensive range of modern and traditional buildings and is available by private treaty as a whole, or in two lots, at a guide of £975,000.

Grendisworthy Farm, near Holsworthy is a 168 acre dairy and residential farm with sporting potential. Grendisworthy has a substantial five-bedroom traditional farmhouse and extensive range of modern and traditional farm buildings and is available at a guide of £750,000 with an option to purchase a further 95 acres.

Norley Farm at Northlew, near Okehampton, which is a 140-acre former dairy farm with an extensive range of modern and traditional buildings and a character five-bedroom farmhouse, and is available at a guide of £815,000.

Fresh to the market is the well-positioned Lower Rosecare Farm at St Gennys, near Bude, which extends to 35 acres and has an outstanding south facing farmhouse on the fringes of a small rural hamlet with panoramic views over the north Cornish coast. Lower Rosecare is for sale at a guide of £425,000.

There is no doubt that 2004 will be a very interesting year, although I consider that the demand for farms will continue, even with a slight increase in interest rates.

Potential vendors should give serious thought to selling in the current market rather than waiting until the outcome of the mid-term review when it is likely that more farms will be available for sale.