‘Brits back in £5m+ country market’ – Knight Frank
09 October 2014
Since the beginning of 2014, British buyers have accounted for more than two thirds of £5 million+ property sales, according to research carried out by Knight Frank.
This is a stark improvement on the same period in 2013 when British buyers accounted for less than half of the lucrative market.
Oliver Knight, Research Executive for the global property consultancy, attributed the upturn in fortunes for British buyers in this niche market to an improving economy and growing confidence in the property market outside of London.
Rupert Sweeting, Head of Knight Frank Country, explains: ”The increase in mergers and acquisitions and the stock market has also encouraged UK national buyers to buy having been waiting in the wings for a while. Some company owners now feel they can invest their dividends in a home rather than keep them in reserve for their business. However, they have often had to outbid international buyers who whilst wanting to move to the UK for education, political and work reasons have found their currency a little weaker against the pound.”
“Since the market low in 2009, super-prime country homes have risen in value by around 12%, in prime central London price growth over the same period has been in excess of 70% making the country seem good value in comparison. We are starting to see an increase in the number of London buyers active at the top end of the country market, with some London dwellers choosing to take advantage of record prices in the Capital and spend their budgets on large country properties,” he added.
Sweeting also noted that as well as the increased demand from Brits, Chinese investors accounted for 6% of the market since the turn of the year, after adding no market share in 2013.