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Overseas buyers bought  almost half  the most expensive country homes sold in southeast England over the past 12 months, helping to push up prices, research shows.

According to the latest Knight Frank prime country house index,  international buyers have purchased 43 per cent of homes valued at GBP5 million (HK$79.25 million) or more in southeast England since June last year.

Last summer, they made up 32 per cent of buyers. Most are European, only 2 per cent Asian, and 9 per cent are Russian.

The top 10 counties for price increases were all in southern England. In East Sussex, southeast England, prices leapt 27.5 per cent in the year to June, the highest increase in Britain, Knight Frank reports. Across Britain, capital values for country homes rose 12 per cent.

Liam Bailey, head of residential research at Knight Frank, said levels of overseas buying in the British countryside were catching up with London where half of prime city centre properties were bought by international purchasers.

'It has lagged some way behind what we have seen in London,' he said.

'But as the international community has become comfortable buying in London, so it has started to become more comfortable buying further afield, mainly in the areas around Gatwick and Heathrow airports.'

Mr Bailey said foreigners would make up more than half of buyers of GBP5million country homes in 12 months. Strong international interest would help drive the market up over the next 12 months, he predicted.

'Prices will continue to rise,' he said. 'The country house market has underperformed over the last five years. Between 2003 and 2005 it was particularly weak, so it still has a lot of catching up to do. Over the next 12 to 18 months we should see some very strong growth indeed.'

Mark Lawson, partner at buying agents  Buying Solution, said prices for homes valued at #5 million or more had jumped 20 per cent since June last year.

He expected them to increase  another 10 to 20 per cent over the next year if London financial sector workers received large bonuses this  winter as expected. A shortage of homes also pushed up values, he said.

'Only a handful of decent new country houses in good positions are built each year because of planning restrictions,' he said. Most buyers wanted period homes anyway, he added.

However, country homes in flood plains would be sold at 20 to 30 per cent discounts, because of recent flooding, he said.



Overseas buyers scoop up almost half country home sales