While prime country house prices in England and Wales were largely unchanged in the third quarter, demand indicators proved optimistic, according to a report Wednesday by Knight Frank.
Prime country house prices—which Knight Frank defines as cottages, farmhouses, townhouses and manor houses—dipped by 0.1% between July and September. Annual growth remained at 0.2%, according to the report.
Those figures alone don’t inspire much confidence, but demand for prime country property continued its steady improvement over the summer, said the report, despite the uncertainty after June’s general election and the ongoing Brexit negotiations.
There was a 4.1% year-on-year increase in new prospective buyers between January and August 2017, the report said. The number of viewings was 6.5% higher year-on-year over the same period.
The prime country market has seen an increase in deals, too. Knight Frank’s sales were up 6% year-on-year between January and the end of August, with a 35% increase in sales above £2 million (US$2.6 million) year-on-year for the last four months alone.
However, looking forward, “falling stock levels at the top end of the market could weigh on sales volumes as the year progresses,” said Oliver Knight, research associate at Knight Frank, in the report.
There were 8.2% fewer homes worth over £1 million (US$1.3 million) listed for sale across England and Wales at the end of August compared with the same period last year, and 9.5% fewer homes over £2 million listed, said the report.
At the top end of the market, properties valued between £4 million (US$5.3 million) and £5 million (US$6.6 million) have seen prices decline by 1.8% on average over the course of the quarter, and are down 5.3% year-on-year, according to the report.
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