Prime country property prices falling, figures show

Posted 14/07/2011

Now could be the perfect time for those hoping to buy a country home to hire a residential conveyancing solicitor and start looking at properties.

New figures from estate agent Knight Frank have shown the average cost of prime property in rural locations declined in the second quarter of the year.

Prices fell by 0.7 per cent, which meant annual growth slipped into negative territory at -1.4 per cent for the first time since the last three months of 2009.

Head of residential research at the company Liam Bailey said: “The latest results from our Prime Country House Index confirm that the market outside of London is still struggling to build momentum.”

However, there was some good news, as the £1 million to £3 million sector in the south-east and south-west of the country has grown by ten per cent since mid-2009.

It is not only countryside properties experiencing this trend, as the latest house price index from Halifax showed the average cost of an abode fell in June compared with the previous three months.

If you need help with residential conveyancing, the team at Ashtons Legal can offer professional advice.