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Townhouses dominate as demand for prime property remains strong

Townhouses have recently outperformed all other property types in the prime country house market, according to Knight Frank's latest Index.

The agency's Prime Country House Index, which monitored price growth and market performance for prime country houses up to end of the first quarter of 2019, revealed that townhouses have seen an increase of 24% in prime regional property value over the past five years.

The report also found that there has been a 22% year-on-year growth in properties sold subject to contract (January-March), while the number of offers made on properties rose by 5% year-on-year in the same time period.

In addition, it showed that prime property prices in regional markets in England and Wales dropped by 0.8% over the first three months of 2019, the third consecutive quarter that average prices have declined.

Despite this, Knight Frank forecasts cumulative growth of 8.2% in prime regional values between 2019 and 2023.

“The underlying demand for prime property across England and Wales remains strong with Knight Frank figures showing an increase in offers made and properties sold subject to contract,” Oliver Knight, associate at Knight Frank Residential Research, commented.

He added that the recent performance in regional markets reflected heightened political uncertainty surrounding the UK’s planned exit from the EU.

“A lack of clarity about the outcomes and timings has resulted in caution among some buyers and sellers in prime residential markets. Generally, more moderately priced properties have been resilient. Property worth up to £1 million fell by a relatively modest 0.7% annually, while £2 million-plus properties have fallen by an average of 2.5%.”

You can see the full PDF report here.

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