Costly in country
Costly in country
0 Comments | Tamworth Herald, The, Jul 22, 2010
THE value of English prime country house prices rose by 2.5 per cent in the second quarter of 2010, 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 the second quarter of 2010 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 2009.
The situation is particularly bad in the South East, where 76 per cent of member offices report more tenants than properties.
Ian Potter, operations manager of ARLA, says: “The spring period would usually see a rise in rental properties coming onto the market, and although there is some evidence of landlords selling rather than renting their properties, it is not enough to explain the change in supply.
“This situation has been deteriorating rapidly in recent months, as the supply and demand of homes to buy is also swinging out of kilter – making the prospect of a rental housing shortage more likely.” Average house prices in England and Wales rose by 0.5 per cent in June to Pounds 179,032, says the Poll of Polls from Chesterton Humberts. Annually, prices were up by 8.9 per cent
english country cottages
Jul 29, 2010
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