Rural demand ‘outstripping supply’

April 16, 2007 by admin  
Filed under News, News-Mortgages

Bad news for anyone looking to get a big house in the country as demand is outstripping supply by an average of 15 to one, rising as high as 29 to one in some areas.

Competition is so fierce that even before considering a mortgage to obtain such a property, anyone bidding in Tunbridge Wells, Ascot and Worcester is likely to be competing against 28 others, estate agent Knight Frank said.

Manor houses, farmhouses and country cottages have risen by £4,516, £13,474 and £34,241 per month on average since December while the number of interested buyers has risen by 21 per cent since January.

“The current average price of a manor house has now broken the £3 million barrier,” commented Knight Frank’s head of residential research Liam Bailey.

“Payment of City bonuses together with an increasing international presence in the country house market has aided price growth.”

This means that this is three percentage points ahead of the number of available houses, giving an annualised growth rate of 12.4 per cent.

Tags: Rural demand, estate, manor house, month, said.Manor houses, percentage, Bad news, Business Finance

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