Agricultural land values in Britain climbed to a record in the first half as higher livestock and grain prices encouraged farmers to increase production, the Royal Institution of Chartered Surveyors said.

The average cost of an acre of bare land, terrain without built structures, rose to 6,115 pounds ($10,100) from 5,846 pounds at the end of 2010, the fourth straight increase for a six-month period, the London-based group said in a report today.

Prices have more than doubled in the last five years, RICS said. “Many commercial farmers appear more keen to expand their businesses than sell their land,” spokeswoman Sue Steer said. “This can only lead to even higher prices over the next 12 months.” read more ...