Price of escaping to country increases
Price of escaping to country increases
0 Comments | Scunthorpe Evening Telegraph, Jul 23, 2010 | by NIGEL LEWIS
The value of English prime country house prices rose by 2.5 per cent in the second quarter of this year, says a report from agent Knight Frank.
Prices for country retreats have now increased over the past four quarters and are 7.9 per cent higher than they were a year ago. The average value of a prime country house in England is now Pounds 1.4 million. By property type, manor houses performed best in Q2 with a 3.2 per cent rise to Pounds 2.7 million.
The value of cottages rose by 2.4 per cent to Pounds 470,000 and farmhouse values were up 1.9 per cent to an average of Pounds 1.2 million.
The number of rental properties available nationally is continuing to reduce, says the Association Of Residential Lettings Agents (ARLA). Three-quarters of its members say there are more tenants than available properties.
This is an increase from 59 per cent last quarter and 24 per cent in September last year The situation is particularly bad in the south-east, where 76 per cent of member offices report more tenants than properties, says Ian Potter, operations manager of ARLA.