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Country houses see price falls

Friday, 30 September 2011 12:00 AM

The surge in the prime property market has not made it outside of the M25, according to a new study by Knight Frank.

The property firm’s prime country house index shows that average prices are down 1.7 per cent over the last 12 months and by 1.3 per cent in the third quarter.

The volume of available stock has risen by 24 per cent in the last year while the number of new applicants has fallen by 4 per cent.

However, prices are still 5 per cent above their post-credit crunch low in June 2009.

With prime property prices in London booming, the South East was unsurprisingly the strongest regional performer, with average country house prices 0.4 per cent higher than a year ago.

Liam Bailey, head of residential research at Knight Frank, said: "In normal times London booms, the luxury country house sector follows. These are not normal times.

"In the prime country market, despite the fact that buyers and sellers tend to be wealthier and far more equity rich than the average UK buyer, domestic concerns are the key influences. With the UK economy struggling and wealth creation under pressure, vendors are having to compete keenly on price.”

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