"It's now or never!" Wealthy city dwellers are desperate to buy rural retreats in the aftermath of COVID-19, Knight Frank research shows.
The price of prime country houses in the UK is falling, with values down overall by 2.3% year on year, the latest quarterly index shows.
Prime country house prices in the UK fell by 0.2% between April and June as uncertainty surrounding the outcome of the EU referendum filtered through to the market.
On an annual basis, price growth over the year to the end of June 2016 eased to 1.3%, down from a recent high of 5.2% in 2014, according to the latest index from real estate firm Knight Frank.
It is the first quarterly fall since late 2012 and prices for larger properties in the £2 million and above sector fell by even more, down 1.1%, the data also shows, taking the annual rate of growth to 0.7%. In contrast, properties priced at under £2 million recorded an average rate of growth of 0.4% over the quarter, taking the average rate of growth to 3.3%.
Prime country house prices in the UK increased by 0.3% on average in the first quarter of 2016, taking annual growth to 2.4%, down from a high of 5.2% in 2014.
The easing of price growth since 2014 reflects a greater sensitivity to pricing from buyers in the prime market following successive increases in stamp duty that culminated in the changes introduced in December 2014.
The details from the latest prime country house index from Knight Frank also shows that homes under £1 million have outperformed other sectors, rising by over 4% annually.
The annual change in prime property values in the UK over the year to September was 2.7% on average, down from a high of 5.2% last year, according to a new analysis report.
Stamp duty reform, announced in December 2014, continues to weigh on activity and price growth at the top end of the market in England and Wales while in Scotland the new Land and Buildings Transaction Tax (LBTT) is also affecting the market.
The UK’s country house market has seen a marked recovery in the £2 million plus sector in the third quarter of 2015 compared to the previous two quarters, according to the latest research.
The analysis report from Strutt & Parker also shows that sales levels are now not far off where they were in the fourth quarter of 2014, suggesting that the market uncertainty from the general election has perhaps filtered out.
Living near a world heritage site in the UK might mean putting up with a lot of tourists but it certainly helps property prices with new research showing homes in these locations are worth 27% more.
Whereas the average UK home is valued at £284,127, properties in or near locations with World Heritage Status awarded by UNESCO status can carry a heftier price tag of £77,993, according to research from property portal Zoopla.
Humberts says property values across the south east of England have seen robust growth of almost eight per cent over the past year but is warning that “a serious shortage of property available to buy is holding back buoyancy in the market”.
One has a golf course that charges £125,000 to become a member, and the other has a post office said to stock bottles of Bollinger and Dom Perignon.
The towns of Virginia Water and Cobham, in Surrey, have become Britain's first million pound towns - where average house prices are more than £1m.
A sprawling Lake District family estate has been put up for sale for the first time in its 254-year history because the current generation think it is too big.
The Fothergill family have finally decided to give up Lowbridge House, which has sat on their 2,000-acre estate since 1761.
The property near Kendal comes with a billiards room and its own lake and is on the market for £3.25m. It is attracting interest from all over the world, estate agents said.
Fayland House, near Henley-on-Thames, in Oxfordshire, may have been named best house in the world by The Architectural Review, but its next-door neighbours have been left far from impressed by the flat, grey building.
Latest data from Knight Frank reveals that prime country house prices are set to continue increasing through 2014 after rising again during the final quarter of 2013. The average price of a prime country house in England increased by 1.4% in the final quarter of 2013 – the biggest quarterly increase...
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