Consider the following: an investment opportunity in UK property with an initial outlay of £10,000 but an eventual selling price of £300,000. Sounds tempting, doesn’t it? And all for investing in an acre of land, planting a few vines and waiting for climate change, time and a fair bit of luck to do the rest.

These figures were recently quoted by wine magazine Decanter as the prices, respectively, of buying one acre of land in England to develop a vineyard versus buying the same area of vines in Champagne. They accompanied a news piece reporting how prestigious Champagne house Louis Roederer, maker of Cristal, had sent its top executives on a fact-finding mission to Kent and Sussex to scope out the possibility of making English sparkling wine in the future.

Of course, the investment scenario mentioned above is improbable in the extreme, but the mere fact that investors are starting to think along these lines is testament to the growing quality, credibility and renown of wines made in the UK.

Other big names reportedly showing interest in the UK’s wine prospects include respected Californian innovator Randall Grahm, Champagne House Duval-Leroy and Bordeaux magnate Bernard Magrez. In 2006, investor Eric Heerema bought leading English sparkling wine producer Nyetimber – a Sussex estate including 18 hectares of Chardonnay, Pinot Noir and Pinot Meunier – for an estimated £7.5m.

South East England has attracted particular attention, partly due to its relatively benign climate and the fact that in parts its chalky subsoils are similar to those found in Champagne. Not only that but wines from this area (in particular, sparkling wines) have been winning critical acclaim and international wine awards for some time now, often when pitted against more celebrated opposition.

Global warming is a further boost to UK wine prospects. Warm years in 2003 and 2005 have piqued the interest not only of wine drinkers, who have enjoyed excellent quality as a result, but also producers from around the world concerned about the long-term implications of climate change and who are searching out new areas in cooler climates accordingly.

The rate at which the UK wine industry has been growing of late is indicative of its ongoing success. In 1975, there were 196 hectares of vineyards in the UK (one hectare is roughly 2.5 acres). By 2006 this number was at 923 hectares, having jumped by 130 hectares in just one year from 2005, with much of these high-quality new vineyards planted to well-known varieties such as Chardonnay and Pinot Noir. Total wine production in 2006 was 3.4 million bottles, up from 1.7 million bottles in 1995, and there are now 362 vineyards and 102 wineries in the UK.

There are still many criticisms levelled at UK wines. One is that they are too expensive, partly the result of high production costs and few economies of scale.

Another sticking point is their limited availability, again the result of small production quantities which mean wineries simply cannot supply the demand of the big retailers. As a result, they tend to sell to restaurants and bars, or independent merchants (though a big retailer like Waitrose is an exception and the growth of internet sales is also helping in this regard). It is fair to say, though, that these issues are slowly being addressed as the industry grows.

But what of the wines themselves? How do UK wines measure up to their global competitors and why, if at all, should we buy them?

Given that the UK has a relatively cool, rainy climate, it comes as no surprise that some of our best wines are white and made in a fresh, crisp style. It is the kind of wine that works ideally well as base for making sparkling wine, so it is natural that by far and away the UK’s best wines to date have been fizz.

The best tend to be those made from the Champagne varieties, especially Chardonnay and Pinot Noir, and then aged extensively to give those bready, nutty characteristics that complement the fresh green apple flavours brilliantly well. Top names include Nyetimber, Ridgeview, Camel Valley and Davenport. On their day, these can prove more than a match for similarly priced Champagne.

Whites (and indeed rosés) tend to be floral and fresh with citrus and herbal flavours. Reds can be more variable in quality though the best show juicy red fruit flavours along with a certain earthy, crunchy appeal. Sweet wines made in an easy-drinking style can also be successful. Chapel Down, A’Beckett’s, Bookers and Denbies all do a good job with still wines.

It is true to say that, certain sparkling wines apart, overall quality, diversity and value for money still needs to be improved if UK wines are to compete seriously in the modern global wine scene. But the way things are going at the moment, with ever more characterful, well-made wines and growing professionalism in the industry, the future is looking rosier by the vintage.