Country house prices booming

THE upper end of the country house market may just have witnessed its most active year since the 1980s, according to an estate agent.

Savills said substantial country houses at the £ 2million price point have typically boosted their value by £ 111,000 this year, as demand for larger homes with gardens has grown.

Its prime property market report said that, after years of under- performing, the country house market saw values rise by an average of 5.5 per cent in 2020, marking the strongest price performance for this sector since 2010.

Lucian Cook, head of residential research at Savills, said that in terms of market activity: “The very top end of the country house market, in particular, has had an extraordinary year, perhaps its best since the 1980s, as buyers sought a lifestyle shift and recognised the relative value on offer.”

The South- west, the Cotswolds and Scotland have been particularly active markets, the report said.

Properties offering buyers opportunities to change their lifestyles and second homes in the prime coastal and £ 2million- plus country house markets have been the “standout performers of 2020”, the report said.

Savills said demand for prime coastal properties has been intense, both from second- homes buyers and families seeking a lifestyle relocation, pushing prices up by an average of 5.6 per cent, with Devon, Cornwall, Dorset and Norfolk proving popular.

By contrast, flats or small terraced houses in central London of similar value but with little outdoor space have endured price falls of around £ 8,000 on average, Savills found.

Savills added that in the rest of the prime London market, where £ 2million would typically secure an additional 1,000 square feet of accommodation and more garden space, gains have averaged £ 36,000.

It said that figures show the number of sales of £ 1million- plus properties agreed in the 11 months to the end of November was 29 per cent higher than in the same period last year.

‘ It’s been an extraordinary year for the top end of the market’