Demand for country properties falls as the pandemic race for space goes into reverse
Almost half of homes are selling below asking price with country properties most affected by falling demand from cash-strapped buyers.
Rocketing mortgage rates mean the share of properties selling below asking price in October hit 47pc, up from 40pc a month earlier, according to Hamptons estate agents, which analysed data from Countrywide, Britain’s largest property group.
This was the highest share since March 2021 and a 15 percentage point jump since April. The drop was led by falling demand for country properties, as the pandemic race for space has reversed and buyers have returned to towns and cities.
The average country property sold in 2022 has achieved 98.6pc of its asking price – down from 99.9pc in 2021. This drop of 1.3 percentage points was the largest decline across any type of property.