Country house prices 'on the wane'

Posted: 15 Jul 2011 14:11:12 GMT

The price of prime country houses dipped 0.7 per cent in the second quarter of 2011.

Country house prices in the UK appear to be on the wane, judging by new figures.

According to the Knight Frank Prime Country House Index, the cost of such residences dipped by 0.7 per cent in the second quarter of 2011.

The decline means the annual growth rate has fallen into negative territory for the first time since the final quarter of 2009, with the sum now standing at -1.4 per cent.

It was found that demand from London could be playing a part in exerting upward pressure on country prices, with costs in the capital continuing to soar.

Liam Bailey, head of residential research at the company - which was founded in 1896 - said: "The latest results from our Prime Country House Index confirm that the market outside of London is still struggling to build momentum."

He added the house price slip goes against the bounce-back that was witnessed in late 2009 and early 2010.
 

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