Coun­try house prices fall back

Yorkshire Post - Property - - PROPERTY -

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.”

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