Final quarter of 2008 sees country properties fall

Posted: 08 Jan 2009 11:18:52 GMT

Prices of prime country residences in England took a sharp dive in the last quarter of 2008, it has been reported, suggesting job losses and a realisation concerning asking prices have both taken effect.

According to estate agent Knight Frank, the price of a prime country residence is now 16 per cent lower than it was before the start of 2008 - a figure which largely mirrors the average falls in property value throughout the rest of the country.

Crucially, the majority of the price falls occurred in the final quarter of 2008, during which time nine per cent was taken off the value of most country properties.

Andrew Shirley, head of rural property research at Knight Frank, explained the fallout of city jobs in the banking sector has made it to the country.

"Many of those working in the banking and finance sectors, which have been hard hit by the credit crunch, live in the home counties," he commented.

"So it comes as no surprise that this is where values have been hit hardest - by over 20 per cent in some areas. Conversely, Scotland has seen the smallest fall, with average values dropping by just over 11.5 per cent."

Homeowners hoping to sell a country property could gain a better asking price by putting a home online.

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