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Slump spreads to country homes
The price of country homes fell by nearly four per cent during the second quarter of the year as problems caused by the credit crunch spread to the sector, said estate agents Knight Frank.
The three months to the end of June saw a drop of 3.9 per cent.
The agents said three consecutive quarters of sliding prices meant the properties lost 2.8 per cent of their value during the past year.
Liam Bailey, Knight Frank's head of residential research, said: "The malaise in the UK's housing market has finally begun to depress values for prime country houses."
The 2.8 per cent fall was the biggest margin since the index started in 1995.
Mr Bailey said it was also the first time for three years that all types of property had recorded quarterly price falls.
Cottages fell most, with farm houses also affected, but manor houses are 0.1 per cent up on the year.
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Saturday 26 May 2012
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