The Guardian reports:
Brexit will slice nearly one-fifth off the value of Britain’s commercial farms according to forecasters, bringing to an end the decades-long boom in agricultural land prices as EU subsidies are withdrawn.
Property experts Savills said farmland was likely to be the worst-hit sector in the entire UK residential and commercial property sector – faring even worse than shuttered high street shops – as common agricultural policy subsidies are withdrawn.
It expects that over the next five years, commercial farmland values will fall by 3.6% a year, with many more farmers choosing to sell out. Savills is pencilling in land prices falling to about £13,600 a hectare (£5,500 an acre) compared with the £17,300-plus prices common before the EU referendum.
EU direct payments make up about 60% of the profits of UK farmers, rising to 90% for livestock hill farms and are worth £3bn a year in total.
As New Zealand has shown, your primary industries actually become stronger once they are weened off subsidies.