Prime country house values at a four year high

Demand for Prime Country Houses reached its highest point relative to supply for at least two years during the first quarter of the year according to the latest research from Savills with the growth rates between properties worth more or less than £2million narrowing over the past quarter.

Lucian Cook Director of Research comments, “This particularly high level of demand has led to increased values, which rose by 3.0% during the first quarter of this year. This intense demand is particularly pent up in the West and South West where there are currently immediate opportunities for potential vendors.

Also applicant numbers and viewings per property rose significantly during the first quarter of the year leading to the expectation that further growth will be achieved in a strong Spring market.

The Home Counties and Scotland continue to record the highest growth in values the former resulting from demand filtering out of London and the latter reflecting the continued catch up with the rest of the UK prime market.

In a similar but far less accentuated trend to prime central London, growth is greatest at the top end of the market where demand for large country house, especially those worth more than £5million, continues to increase against a backdrop of finite stock levels.

Cook again, “Given the demand to supply imbalance and the rates of growth recorded so far this year we expect that prime country house values will exceed those of last year by the year end.”