For the last 18 months or so, my colleagues have become rather used to – perhaps even bored of – listening to me talk about the market and state that purchasers are ‘somewhat selective and cautious’. However, in recent months and specifically the last 3-4 weeks (I am writing at the end of July) there has been a definite upturn in active from interested parties. Some new purchasers have been working their way into the market; watching, learning and tentatively bidding. Existing forestry owners, who have been previously choosy or bidding at low ball figures, have increased their efforts and are considerably more proactive and aggressive with their bidding.

There is a huge amount of money in the system, both private (the FTSE hitting an all-time high on 24 July) and institutionally where funds have mandates to deploy capital or they lose it. There is always a reason not to do something and all through last year and into this one, there was an abundance of the contagious disease of ‘SoH’: sitting on hands syndrome. This now appears to be over. We are currently receiving more phone calls, emails and indeed bids than we have had for some time. The increase in confidence has turned into a large number of successful transactions throughout the UK. In the last week, Goldcrest Land & Forestry Group settled the Caledonian & Irish Forestry Portfolio, a collection of 16 properties extending to 2,614ha spread across Scotland from the Borders up to Aberdeenshire, across to Argyll, one on the Isle of Skye and one on the Emerald Isle.

The market initially was ambivalent about the opportunity. Because it was too large, too expensive, too spread out, only available as a whole? Whatever the reason, it was slow out of the traps, but an institutional buyer seized the opportunity and the legals are now complete.

In the recent past, we have had success from young to mature forests, both on and off the open market. The last edition of Forestry and Timber News made reference to Banc Woodland, a 144ha 3-year-old mixed woodland we were marketing in Carmarthenshire, Wales. A large area of Sikta spruce complemented with both young and mature broadleaves and high integrity Pending Issuant Units (PIUs). The asking price of offers over £2.2m was comfortably exceeded by a number of parties.

The overriding characteristic was quality with Grade 4 soils, gentle slopes, good access and comprehensive roading, correct species, and excellent management adding up to a most attractive offering. The market responded, strong interest led to a most competitive closing date, and the property is under offer to a blue-chip covenant.

What is reassuring with this sale is the fact that purchasers are realising the value of carbon credits and are keen to buy properties where the carbon hasn’t been sold off. They understand that with the continuation of resilient, proactive management, carbon is an asset that adds to the bottom line.

20 years ago, UK carbon credits were changing hands at £4-6/t. Today, land, young crops and carbon credits are being sold together with the credits making £26-30/t+.

At the other end of the age spectrum and country is Burnhouse Moor, 130ha guided at £4.75m. Located in the sought after Scottish Borders and comprising mature spruce aged 41 years, it also met with considerable interest and strong bidding at the closing date. The property is now under offer with a number of bids comfortably breaking through the £5m mark.

Other smaller Goldcrest Scottish sales including Auchterhouse Wood (8.2ha) by Dundee, Crailloch Moss Wood (36.3ha) by Port William, Lugton Wood (7.4ha) on the outskirts of Edinburgh, and Strathellen Wood (55ha) at Plockton have all recently completed. Tustins also record similar market activity with Concord Wood (56.9ha) in Buckinghamshire, Putham (73ha) in Somerset and Lind End (30ha) in Cumbria all now agreed. An optimistic outlook as we continue bring more opportunities to the market.

Many investors have been watching the Chancellor of the Exchequer, wondering where she will find the additional income to fill the everincreasing blackhole. Earlier this week it was confirmed that her proposals made in the Spring Statement back in March for the changes to Business Property Relief will indeed take place in April 2026 (there was some discussion she might have delayed the date).

However, owners of forestry businesses remain confident in UK timber production, understand that GB imports over 80% of its requirements, and their appetite continues to acquire and look after our country’s forests and woodlands and grow high quality timber.

Last but not least, the sale of Griffin Forest in Perthshire has recently been confirmed. The giant 4,000+ hectare forest combining continuous harvesting for the next 20 years plus wind farm income is a high yielding asset in an extensive block. The market is on the move…