According to a new report, farmland prices in Longford plummeted by a whopping 17%

County Longford recorded he largest reduction in farmland prices in the country last year as values plummeted by a significant 17%, according to a new report.

Despite the national average price per acre increasing by 5% to €12,515, an increase of €590 per acre, counties Longford and Leitrim bucked the trend and experienced a fall in agricultural land values.

The average price per acre in county Longford dropped considerably by €1,668 to €9,811, according to the new figures from the Irish Farmers Journal.

Leitrim had the lowest prices at just €6,419 per acre, a decrease of €321, and it was followed by counties Mayo and Donegal.

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Dublin recorded the highest prices for farming land with an average price of €25,490 per acre and it was followed by Wexford, Meath, Louth, and Laois.

There was a huge contrast in agricultural land prices nationwide according to the report with location a key factor in significant price variations.

The report found if a derelict house is located on the land it can also lead to an additional €100,000 on the price with the specific county's planning rules and regulations having a notable impact.

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The research found the average price of agricultural land in Northern Ireland, which increased by 6.8% last year, is significantly higher than in this country at £14,736 per acre (€17,406).

The highest farmland prices in the North was recorded in county Armagh.

Longford IFA chair John Sheridan stated they are not overly concerned about the drop in average farmland prices and there are other notable issues.

"I'd be more concerned about land getting too dear for the younger crowd, that is what we are more concerned about than the actual price of the land," he said. "Even at the prices they are paying now it's very hard for a farmer to pay for that land at that price."

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Mr Sheridan said he believes several acquisitions in prime locations close to towns may have driven up prices last year.

The Ballinalee man stated more land is also now being bought by companies and enterprises and that is having an impact.

"We have an awful lot of people out buying land now who are not even farmers.

"That is what we are more concerned about, it is land being bought up and being taken out of production,” he concluded.