Country houses worth £5 million and over registered the strongest price growth of any type of property in Britain during the second quarter, Knight Frank reports. 

The increase is due to a spike in demand for country living, as well as buyers’ ability to perform transactions in higher-price markets, the property consultancy states. 

A surge in prices of 1.2% was registered during the three months to June, despite property markets being shut down between late March and mid-May as a result of the coronavirus pandemic.

The overall Country House index remained flat, as growing demand for greenery offset the negative impact of Covid-19, with buyers looking for properties with more outdoor space as they were forced to spend months indoors due to lockdown. 

“Buyers at the top end of the market have been willing and able to move quickly to secure their desired homes as lockdown restrictions have eased,” said Chris Druce, senior research analyst at Knight Frank.

“The relative scarcity of homes available at this price point can spark competitive bidding, which has put a degree of upwards price pressure at this end of the market.”

According to an examination of offers accepted outside London between 13 May and 24 June, the price bracket ranging between £5 million and £10 million performed better compared to the rest of the market. 

The number of accepted offers hiked 182% higher than the five-year average, in contrast to 64% for all price brackets in the market. 

The number of new prospective buyers for properties worth £5 million and over in country markets also soared 137% higher than the five-year average over the same period. This compares to a 52% increase across all price brackets. 

“People are sensing an opportunity now,” said Edward Rook, partner in Knight Frank’s Country Department.

“In the previous three or four years there have been consistent bumps in the road and the clear water people were looking for never came.

“We had that at last after the general election, and then the lockdown came.

“People have simply decided it’s now or never.”