The most expensive country properties in the UK are still seeing prices going up although those worth less than £4 million are seeing values fall, according to the latest index from Knight Frank.
Price growth is continuing particularly in an around Oxford, Guildford and Esher but prime country house under the £4 million mark have seen prices fall by 0.9% in the third quarter of the year. This comes on top of a 1.5% decline in the second quarter of 2012.
Grainne Gilmore, head of UK residential research at Knight Frank said that average values have been on a downward trajectory for much of the last two years but overall there has been a varied performance in the prime sector.
‘On average, homes worth up to £2 million have seen a 4.3% fall in value over the last year. Perhaps unsurprisingly, given the increase in the stamp duty charge levied on properties worth £2 million and more from 5% to 7% in March, homes worth between £2 million and £3 have seen the biggest falls in price since this time last year, dropping by more than 7%,’ she explained.
Rupert Sweeting, head of Knight Frank’s country department, pointed out that the upper end of the sector has bucked the trend, and prices continue to rise. ‘Homes worth between £4 million and £5 million have climbed in value by 1% over the last year, while properties valued at £5 million and above have risen in value by 3.2%, showing demand is still strong for the very best and unique country homes,’ he explained.
No comments:
Post a Comment