Prime country house prices climb 3.4% in 2014
19 January 2015
Prime country house prices rose for an eighth consecutive quarter between October and December, the longest run of uninterrupted price growth since 2007, according to the latest figures from Knight Frank.
In keeping with the wider market, price growth in the prime country house market lost some of its momentum in the latter half of 2014. Property values increased by 0.5% during the second half of the year, in comparison to almost 3% of growth recorded in the first six months of the year.
The annual change in prime property prices in 2014 was 3.4%, which Knight Frank says was in line with its initial forecast for the year.
The number of prime country house sales completed by Knight Frank also increased last year; 3% higher than in 2013 and 24% higher than in 2012.
Knight Frank says that due to George Osborne’s stamp duty reform announcement, December 3rd was the busiest of the year for the prime country market transactions.
A spokesperson for the firm says It is possible that the prime sector of the market may take some time to absorb the stamp duty changes as a result of the higher upfront cost of moving, with harder negotiations between buyers and vendors likely.