Friday, July 23 2004
Growth in the capital value of prime country residential property throughout the UK was stronger in the first half of 2004 (4.4%) compared with second half of 2003 (2.4%) according to figures released today by FPDSavills.
However, the research also shows that while total growth in the first half of this year exceeded that of the last half of 2003, growth has reduced from nearly 2.4% in the first quarter of this year to just above 1.9% for the second quarter, fuelling speculation of a slow down in the high-end rural residential market.
The research showed that growth is strongest in the North. According to Ian Bailey, Senior Analyst in Rural Property Research at FPDSavills, this is due to the gap closing between areas furthest from and closest to London, as people are more willing and able to move further away.
In response to the findings, Mark Rimell, the London Head of Country Houses for Strutt & Parker, reaffirmed that a slowdown is normal for the summer months: ‘For the second quarter of this year Strutt & Parker are ahead of where we were last year, with more sales of higher values. We are now entering the summer season and response to advertising and levels of activity are, as a consequence, slower.’
Strutt & Parker