The prime country real estate market in England and Wales had a subdued first half of the year, according to Knight Frank’s latest Prime Country House Index released Monday.
The London-based property consultants track the performance of four country house property categories with prices in the top 10% of the market: cottages, farm houses, townhouses and manor houses.
Prices rose 0.9% in the first six months of the year, the report said, and 0.7% in the 12 months through June.
Knight Frank pointed toward buyer caution, a result of the ongoing political and economic uncertainty, for keeping a check on prices.
London too, continues to be a burden on Britain’s real estate market, with its ongoing poor price performance seeping into its neighboring markets.
“Markets outside the traditional London commuter zone have generally enjoyed the strongest rises,” said Oliver Knight, research associate at Knight Frank, in the report, “with more muted pricing in the capital being reflected in its immediate surroundings.”
Prices for prime country houses grew the most annually in the North of England at 3%, while they declined furthest, down 3.9%, in north Surrey, a London commuter zone.
While prices for prime urban homes have risen by an average of 16% over the past five years, more subdued price growth has country markets looking like good value, the report said.
As demand for country properties picks up, Knight Frank expects to see house-price growth in rural locations converging with urban markets. But in the short term, the group forecasts price growth of 1.5% in prime country markets for the rest of this year and 2% growth in 2019.
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