Agricultural land and property specialists Pygott & Crone has smashed the UK record for a price achieved for prime arable land - fetching £18,055 per acre near Boston, Lincolnshire.

Richard Start, land agent in Pygott & Crone agricultural department, put 167.711 acres of prime agricultural land and a farm building in Old Leake under the hammer at its latest auction. The land, sold on behalf of eight beneficiaries, went to six different local buyers for a total of £2,088,000.

There were 10 lots all together. 96 acres at Leake Hurn's End were bought by a local farmer for £1.52 million. This was in three lots - two 19-acre lots, and a lot of 58 acres - which achieved the record breaking price of £18,055 per acre. The remaining 72  acres and a farm building sold for £568,000.

Richard said: "We believe this is the UK record for a price achieved per acre. Pygott & Crone already holds the record for tenanted land at over £11,000 per acre. We have now broken the record for vacant possession - which we believe stands at around £14,000 per acre for land also in the Boston area."

Partner Will Barker, who heads the agricultural department, added: "This is a major achievement for Pygott & Crone - especially in the current economic downturn. This sale was really positive news for the agricultural market, despite the economic doom and gloom."

However, Pygott & Crone expects agricultural land prices in Britain to continue rising following the surge in global food prices.

"What this sale also shows is that in Lincolnshire we have some of the best land available in the country - which is brilliant news for the county. Lincolnshire is, without doubt, the food basket of the nation," said Will. 

"Pygott & Crone is delighted with this record - and look forward to continued agricultural auctions in the future."