Farmhouse values rise by 3%

Farmhouse values rose by 3% in the second quarter of the year, says property agent Knight Frank.

According to the firm’s Prime Country House Index, manor houses were worth 4.1% more, while buyers paid 2.8% extra for cottages.

The average price for manor houses, farmhouses and cottages was now £3.1m, £1.2m and £562,000 respectively, said head of research Liam Bailey.

Mr Bailey said overseas buyers were helping to buoy the market, accounting for 14% of all sales, rising to 43% in south-east England.

Further growth was predicted at the top end  (+£3m) of the market due to a lack of supply, but the mid prime market (£1m-£3m) could be more subdued, he added.

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