Country house prices fall back
Realistic pricing is crucial as prime country house prices fall after 12 months’ growth, according to Knight Frank
The properties fell on average by almost one per cent in the third quarter of the year, but are still over six per cent higher than they were a year ago.
Manor houses (–1.3 per cent) saw the biggest fall in value. Farmhouses and cottage prices slipped by 0.6 per cent and 0.8 per cent respectively.
Andrew Shirley, Knight Frank’s head of rural property research, says: “After strong growth during the past 12 months, the slight weakening of the English prime country house market in Q3 by 0.9 per cent did not come as a surprise. The economic recovery is still stuttering and the coalition Government has made it very clear that the comprehensive spending review is likely to be extremely tough. This sentiment was reinforced by David Cameron’s comments at the Conservative Party conference, which emphasised that everybody is expected to share the pain of rebalancing the country’s books.
“When you combine these concerns with a steady increase in the number of quality houses for sale across the country (stock levels in September were up 12 per cent compared with 2009), the prime country house market is actually proving remarkably resilient. Serious vendors, however, must not be complacent if they want to achieve a successful sale.”