BY CHRIS DRUCE Senior Analyst, Residential Research
The high-value country market has set the pace since the pandemic
Average % price change from Q2 2020 to Q3 2022
Percentage price change. £1m to £2m
Percentage price change. £2m to £3m
Percentage price change. £3m to £4m
Percentage price change. £4m to £5m
Percentage price change. Over 5m
2022 was another strong year for the country house market. The ‘race for space’ continued, and buyers who missed out in 2021 due to the frenzied conditions created by the stamp duty holiday were motivated to secure their ideal home.
Nine out of 10
Number of quarters between May 2020 to October 2022 in which properties in the £5m+ value band have been the top-performing section of the country market for price growth
Higher-value property has led the pandemic boom. In the years before the pandemic, price growth for higher-value properties was weaker than the mainstream market due to a series of tax changes and political uncertainty.
In the decade to March 2020, the average price of a £5m+ property outside of London increased by 29% compared with 75% in the UK mainstream market. The top-end of the market is now playing catch-up.
5.2m
The prospective spend per head for buyers registered for £2m+ properties in the country market was at a 10-year high*
3.5m
The average price of a property sold in the country market; an increase of 15% versus the five-year average*
Increase in offers accepted in the 12 months to October versus the five-year average*
Increase in exchanges in the 12 months to October versus the five-year average*
Increase in instructions in the 12 months to October versus the five-year average*
*Source: Knight Frank Research. 12 months to October 2022 versus the five-year average unless stated. KPIs £2m+ except for Scotland and Northern England at £1m+
BY CHRIS DRUCE Senior Analyst, Residential Research
2022 was another strong year for the country house market. The ‘race for space’ continued, and buyers who missed out in 2021 due to the frenzied conditions created by the stamp duty holiday were motivated to secure their ideal home.
The high-value country market has set the pace since the pandemic
Average % price change from Q2 2020 to Q3 2022
Percentage price change. £1m to £2m
Percentage price change. £2m to £3m
Percentage price change. £3m to £4m
Percentage price change. £4m to £5m
Percentage price change. Over 5m
Nine out of 10
Number of quarters between May 2020 to October 2022 in which properties in the £5m+ value band have been the top-performing section of the country market for price growth
Higher-value property has led the pandemic boom. In the years before the pandemic, price growth for higher-value properties was weaker than the mainstream market due to a series of tax changes and political uncertainty.
In the decade to March 2020, the average price of a £5m+ property outside of London increased by 29% compared with 75% in the UK mainstream market. The top-end of the market is now playing catch-up.
5.2m
The prospective spend per head for buyers registered for £2m+ properties in the country market was at a 10-year high*
3.5m
The average price of a property sold in the country market; an increase of 15% versus the five-year average*
Increase in offers accepted in the 12 months to October versus the five-year average*
Increase in exchanges in the 12 months to October versus the five-year average*
Increase in instructions in the 12 months to October versus the five-year average*
*Source: Knight Frank Research. 12 months to October 2022 versus the five-year average unless stated. KPIs £2m+ except for Scotland and Northern England at £1m+
Country market exchanges by featured region
Exchanges were the second highest in the period for six years**