Savills Portugal

In recent years the spectre of a mansion tax, successive increases in stamp duty and general political and economic uncertainty have put a damper on the top end of the UK country house market, leaving it undervalued compared with the capital.

On average, homes above £2 million in the countryside are still 18.7 per cent below their 2007 price peak, in stark contrast to London where £2 million-plus values are 11.4 per cent above that previous high.

Now, however, there are signs that the rarefied country house is enjoying a revival. Prices have risen by an average 3.4 per cent during the third quarter of 2020, the ﬁrst meaningful quarterly growth since spring 2017, as buyers, especially those in towns and cities, look for more space and an outdoor lifestyle in response to the coronavirus lockdown.

The resurgence has been led by the southern regions of England. Other locations to buck the trend are those offering value for money, including the North of England and Scotland as well as locations within easy reach of London, such as the Home Counties and East of England.

Just how much space is on offer depends very much on where you look. Our analysis of Savills properties that have sold for £2.5 million since the beginning of 2019 shows that the average size outside London was 6,070 sq ft compared with just 2,913 sq ft within, a difference of 108 per cent.