A new report on agricultural land prices shows low commodity prices for milk and grain, as well as increasing uncertainty around Brexit, are some of the factors that led to a subdued level of activity in the agricultural market last year.

Land values in Munster were worst hit, according to the report by the Society of Chartered Surveyors Ireland and Teagasc.

The biggest increase was reported in Connacht and Ulster, where land values increased across all land categories.

Small holdings with a house increased in value by 12% compared to 2015, with increases of 1 to 5 % in the other land categories.

Some surveyors attributed the price increases in Connacht / Ulster to the expansion of commercial forestry, and claim this expansion is taking a substantial volume of some of the better agricultural land out of circulation.

The report questioned rural agency surveyors, 42% of whom predict agricultural land values will remain unchanged in 2017.