Country house prices experienced their strongest rate of growth since the second quarter of 2018 in the opening months of this year, ahead of the UK entering lockdown, according to Knight Frank.
In the first three months of 2020 growth was 0.2%, which was due to growing confidence after the decisive general election result in December.
The number of viewings and prospective new buyers registering with Knight Frank showed an upward trajectory, in a further indicator of increasing momentum in the market. However with the advent of Covid-19 restrictions this progress has paused.
Annual price growth for properties valued between £2million and £3million was the highest of any price bracket, rising by 0.9%.
Chris Druce, Residential Research Associate commented, “The UK lockdown will result in a significant amount of lost sales this year in a market that was gaining momentum, with a 3% fall in prices predicted. However, sales and prices should rebound in 2021 with price growth of 5% forecast.”