The price of prime country homes in the UK hit its fastest rise in three years in the last quarter, thanks to high demand and a more sensible approach from sellers, according to Knight Frank.
Prices rose by 0.4 per cent in the year to the end of September, with quarterly increases totaling 0.8 per cent, marking the third quarter in a row that there has been positive movement in the UK.
The report also stated that the quarterly growth was at its fastest level seen at any time since the same period in November 2023.
Rupert Sweeting, head of country department at Knight Frank, said such significant rises were being brought about by the fact there is now a much more measured approach from sellers.
“Successful sales are only happening where the price guide is sensible with more vendors starting to heed this advice resulting in an increase in deals,” said Sweeting.
The report also stated that high levels of demand are helping to boost the market at the moment, with the number of people registering to buy prime country homes rising by 12.4 per cent in the last year.
It also stated that the volume of viewings being carried out has seen a considerable rise, increasing by some 10.8 per cent in the past year.
Across the UK, Knight Frank said the best price growth was in evidence in the Virginia Water, Berkhamsted and Cobham markets, which experienced rises of 3.2 per cent, 2.9 per cent and 2.3 per cent respectively.
Prices were largely driven by homes that cost less than £2m, with these having risen by 1.5 per cent in the three-month period. On the flipside, those properties priced at between £2m and £5m experienced a fall of 1.1 per cent in the same period.
This news comes as the Council of Mortgage Lender’s Paul Smee has also spoken of the rising activity in the market, saying that increased mortgage lending showed a rising sentiment.
“The healthy growth in all lending areas compared to the same time last year is indicative of more confidence in the market,” said Smee.
