15 Jul

Survey records price falls in country house market

Survey records price falls in country house market

Large price falls were seen in the prime country house sector in the second quarter of 2008, a new survey from Knight Frank has suggested.

These properties dipped in value by 3.9 per cent during this period of time, while cottages were the most badly affected, falling by 5.7 per cent.

Head of residential research at the company Liam Bailey noted that the problems impacting on the market as a whole have begun to seep into the high end.

"These homes tend to attract workers in the professions, who are becoming more cautious in the wake of a more pessimistic economic outlook," he commented.

And he said that the properties have decreased in value over the course of a year, the first time this has become a reality in the history of the price index.

Homes in prime central London were also trimmed in price between May and June, Knight Frank has highlighted.

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