Prices of country houses over £4 million on the rise

What estate agents describe as “prime country house” prices fell over the last three months, according to the latest figures from Knight Frank, continuing the downward trend of the last couple of years. But in the same way that the general UK housing market is very fragemented, so is this sector.

So on average, homes worth up to £2 million have dropped just over 4% in the last 12 months, while those worth between £2 million and £3 million have gone down over 7%.

However, house prices for properties above £4 million are rising. Those in the between £4 million – £5 million bracket are up 1% over the last 12 months, and those over £5 million have gone up even faster at 3.2%.

In terms of geographic location, prices in and around Esher have risen 4%, with Oxford also particularly strong, up 2.3% year on year, and the Guildford area also up 2%.

“The rises in these areas partly reflect the increase in buyers from London who are looking to take advantage of record high prices by selling and moving to the country,” says Gráinne Gilmore, Head of UK Residential Research at Knight Frank. “International buyers are also a more significant feature in these markets. The market is characterised by uncertainty at the moment however, with transactions taking longer than they usually would and more deals derailed before completion.”

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