Luxury country homes in the UK are experiencing renewed interest, with sales of properties over £750,000 up 7% in June year-on-year. The rebound is driven by lower prices and a wave of new listings from second-home owners facing higher taxes.
Knight Frank’s latest figures reveal a 9% increase in country houses entering the market in the second quarter. New council tax rules in Wales and England are encouraging owners to sell, resulting in more choices for buyers.
Average prices have fallen 3.5% in the past three months, giving buyers a stronger negotiating position. The number of potential buyers per listing has dropped to 5.9, compared to nearly 19 during the pandemic’s peak.
James Cleland of Knight Frank emphasizes that correct pricing is essential to attract buyers in today’s market. The current landscape is a marked shift from the seller-driven market seen just a few years ago.