North hit hardest over prime prices
PRIME country house prices fell 1.7 per cent in the last quarter of 2011, but overall they are 3 per cent above the post credit-crunch low in 2009, say Knight Frank.
Its report reveals that prices of properties worth more than £5m are still rising. The Home Counties market has been the most resilient, down 1 per cent on the year. Knight Frank’s Grainne Gilmore says North of England price falls were most pronounced, down 10 per cent.
She adds: “Activity in the prime market has been much more resilient than in the mainstream UK market. Prime country sales are 16 per cent lower this year than the market peak in 2007 while sales in the mainstream UK market have halved over the same period.”