£5m of machinery under the hammer

• Gross sales soar 40% year-on-year

• Export market is major destination

• Buoyant demand for used machines

More than £5 million of second-hand farm machinery was sold by auctioneers Cheffins in one of the world’s largest monthly machinery sales.

Export demand saw year-on-year gross sales up by 40% at the Cambridge machinery auction on 6 February at Sutton, near Ely. Individual prices were stronger than the same sale last year which grossed £3.8m.

For the second month running, about half the lots sold went overseas. Buyers in attendance came from Australia, Canada, South Africa, Ghana, Egypt and the Middle East – as well as from the UKand Europe.

Cheffins director Joe Page said: “This is the most successful February auction we have hosted in the last five years, as a combination of the return of the export market and a particularly good quality consignment of stock helped to push up prices.”

Cheffins has seen a marked increase in the number of sales to overseas buyers since October 2022, with many bidders looking to make the most of the weak pound. Sales have also been buoyed by stock shortages and long lead times for new machinery.

“This has ensured UK buyers are competing with purchasers the world over for some of the best second-hand machinery on offer,” said Mr Page. “In addition, overseas buyers have become increasingly confident in the ability to import machinery.

“Three years post-Brexit, rules and regulations are becoming easier to navigate. Our ability at Cheffins to provide the correct certification and also offer a wash-down service, allows buyers to purchase machinery at our sales with confidence.”

The next sale is on Monday 6 March at Cheffins Machinery Sale Ground, Sutton, Ely, Cambridgeshire, CB6 2QT.