We have all heard similar comments from those in the English country house market this year: volumes are down; deals are taking longer; buyers are fussier; enquiries from US buyers are up. However, as those in the industry know, many deals happen off-market, and the disparity between certain pockets of the English countryside can be remarkable. We therefore asked some of the top country house agents for their views on the market in the first half of 2025.
When we came to process the answers, it became clear that this was more than a 400-word blog piece. Instead, we have taken a deeper dive into the agents' views and what is driving the market trends.
TLDR - the bigger picture: how have agents found the market year to date?
"Like everyone, a challenge!" says Lindsay Cuthill of Blue Book Agency. "After over 30 years of selling and buying in the country, I have never known such a challenging marketplace" says Mark Lawson of The Buying Solution. The bigger picture is a market of cautious buyers "wanting perfection and seeking value" (Philip Harvey, Property Vision). Appetite for the sprawling listed house in need of renovation has been dampened; fewer transactions are happening; non-doms are selling up; values are returning to pre-Covid levels – but best in class properties are holding up against the headwinds. Ben Horne, Middleton Advisors, sums it up: "the emerging trend is price reductions and a real opportunity for buyers".
Has the volume been turned down?
Agents agree that transaction volumes in 2025 are down across the board, with fewer buyers in the market and deals taking longer to agree. Many highlight a bottleneck caused by chains where would-be buyers are unable to proceed until their own properties are sold. "A clear pattern emerging is that many buyers are tied up in sales that haven’t yet been agreed. I have several potential clients who are ready to move forward - if only their own sales had some traction" reports Dominick Brown of Prime Purchase.
Demand hasn’t disappeared: there is still a pool of motivated buyers, especially for high-quality homes, but they are often more cautious and slower to commit – absent competition, at least. "Transaction volumes and new enquiries are both down on last year, but not to a level that would be described as thoroughly depressing", says Philip Harvey. Ben Horne reports that the year to date has been "surprisingly buoyant in acquisition numbers, given an uncertain market", but agrees that "new enquiries have dipped lately, after a strong start to the year". Jess Simpson of Stoneacre Advisors is frank: "new enquiries have dropped by a third and confidence levels are low".
Never has the phrase "best in class" been more relevant. Harry Gladwin of The Buying Solution, notes "here's a noticeable flight to quality: buyers are more discerning, less willing to compromise, and very value-conscious, so anything that's compromised - whether on location, presentation or condition - is sticking.". Jess Simpson notes "there have been a large number of prime country houses (over £10 million) entering the market, both privately and publicly, more than previous years, some are selling well (those that are priced well and with few compromises), others are sticking. Overpricing is fatal. Best in class are selling, sometimes in competition". Charlie Wells of Prime Purchase agrees: "best in class, priced realistically, will still get some attention, but not in such fierce competition".
Pricing: back to pre-pandemic levels but a mixed bag
Two clear themes emerge: a trend to lowering values, and vendors' expectations not always keeping track.
Pricing has shifted. Agents across the board report that pricing in 2025 is settling back to pre-pandemic norms, with many referencing a return to 2019 or early 2020 levels. Where properties need work – or simply don't meet the raised expectations of today’s buyers – market opinion appears to be dropping significantly. Mark Lawson notes "in many cases, property is overpriced by at least 30%". Harry Gladwin agrees, noting "it feels like the general prime market (from £2.5 million upwards for example, needs to be reduced by 15% or more in many cases to bring it in line with current expectations from buyers".
The figures from the sell-side tally with a drop, if not as stark a one: "prime country house prices are on average 6.2% lower than they were a year ago", reports Phillippa Dalby-Welsh of Savills Country House department. But "it's such a mixed bag", notes Lindsay Cuthill, adding "the last two sales agreed at guide, which some predicted were too strong", whereas other sales were agreed at 10% off revised guide prices.
The buy-side are quick to flag vendor's expectations, and in some cases how they might be better managed. Mark Lawson points out that "without brave agents recommending proper cuts, the stock levels will increase, and sellers will be disappointed". Philip Harvey doesn't mince his words either: "vendors are clueless about values and agents are 'valuing' by telling sellers what they think they want to hear, or by guessing at what they think their competitors may be saying". But not all vendors are listening, it seems. Robert Fanshawe, also of Property Vision, reports that "vendors are taking little notice when they are told that the general country house market over £3 million is probably trading at a 20% discount to what they might have expected in April 2022".
A doer-upper, anyone?
If there’s one thing buyers in 2025 don’t want, it’s a project. "Renovation costs are having a huge effect on the market", reports Charlie Wells. Appetite for renovation has collapsed – "most buyers do not want a project because costs have increased so dramatically, as has the length of time it takes to complete projects and the complexity of the red tape", explains Mark Lawson. Phillippa Dalby-Welsh agrees: "buyers are much more focused on the condition of country houses and the likely ongoing costs of maintaining them". "Many want properties that are ‘turnkey’ or at least do not require major structural work, and they will pay a premium for something ready to move into", says Harry Gladwin.
Planning is a key concern. "International buyers find our archaic planning system (in particular conservation officers) and subjectivity very difficult to comprehend and this is off-putting, especially in a nervous market", reports Jess Simpson. "There are very few planning officers and projects are taking too long, and fees are still in the realms of the super-rich which are way too much for the vast majority of the market. That's why a slew of businesses in this environment will run into trouble in the next few months", explains Robert Fanshawe. Charlie Wells has had similar experiences with clients: "planning constraints are an issue given the time it takes for local councils to make any kind of decision. The planning system in the UK is broken!". Will Langmead of Rural Property Search is more sanguine: "with reduced resources, it is understandable that these government departments are struggling, and the impact on clients is significant, both financially and in terms of time".
Several agents blame the continued effect of build cost inflation from Covid, as well as a shortage in the skilled labour needed for heritage property. "Since build costs have increased so much and projects have over-run due to planning constraints and contractor/staffing/procurement issues, there is a great deal of caution", explains Jess Simpson. "Skilled trades are stretched, costs are high, and timelines are long", notes Harry Gladwin. "There is a noticeable uptick in clients saying that they don’t want to buy listed houses, and all are fearful of high build costs", adds Philip Harvey.
Another emerging trend is that buyers are increasingly focused on energy efficiency and sustainability. Period country houses still have huge appeal, but buyers want realistic plans for improving efficiency without undermining the character. "Priorities have evolved", explains Harry Gladwin. "Best-in-class architecture, good proportions and privacy are still non-negotiable, but buyers are also far more sensitive to running costs, energy efficiency, and practical layout. People want the charm and character of a period country house, but they expect it to work like a modern home. Good insulation, decent energy efficiency, practical layouts and stylish interiors are no longer a nice-to-have, they are expected".
International buyers: the flight of the non-dom and relative uptick from the US
Have the agents seen UHNWs leaving in response to the non-dom changes? "100%", says Charlie Wells, "it’s been quite shocking to see the number of people leaving, and the number just not even bothering to arrive, having planned to do so. Many, many searches being put on hold". Mark Lawson has had a similar experience: "we have also seen potential clients who were thinking of coming to the UK change their minds and not come!".
Unlike in the London market where those individuals might choose to keep their London pad for now, rural properties appear to be more likely to be sold. "Several sales in my area have come about solely to the rule changes", explains Dominick Brown. The scale of movement has surprised even the most seasoned professionals. Ben Horne is "very aware of a number of people who are relocating to Dubai, Portugal and Italy". Philip Harvey explains that "we set up Property Vision International three years ago to predominantly help clients find second homes overseas. However, recently most clients using the service are tax refugees".
Phillippa Dalby-Welsh is quick to add nuance: "inevitably there have been people who have relocated in response to the changes announced to non-dom tax rules. However, there are numerous cases of people who would have been relocating for other reasons anyway. Relocation does not seem as prevalent in the country as people may think".
And international buyer numbers haven't fallen away entirely. "We are seeing an increase in international buyers for the first time since Covid", reports Jess Simpson, as "the UK is still popular for its climate and schooling". Lindsay Cuthill flags the balance: amidst the reports of leavers, he is "surprised by the number of UHNWs looking to come here from overseas likely to make up for the number leaving". Harry Gladwin reports that "new enquiries have held up reasonably well, particularly from London-based families looking for a primary home with good schools and a sense of community, but also from international buyers who see the UK’s political stability (in relative terms) as an anchor in uncertain global markets. There is a steady stream of international buyers, often European or American, who want a classic English country house as a lifestyle investment or bolt-hole, especially around the Cotswolds, Oxfordshire and the Home Counties. Dollar strength has supported this".
And what about those American buyers? With the number of buyers down, it is hard to quantify whether there has been a real increase in US enquiries or simply a proportional increase relative to the overall enquiries. "We have all heard about the influx of American buyers, this is actually rather more measured. They are focused on areas like The Cotswolds and have specific requirements such as high specification M&E as well as voluminous spaces", explains Jess Simpson. US buyers benefit from advantages over and above the relative strength of the dollar: tax-efficient structuring opportunities are available to them (enquiries to Patrick Harney and Idina Glyn).
The drop in incoming buyers has consequences. "The knock-on effect is vast", reflects Mark Lawson, "no agency fees to sellers and buyers, no SDLT take. Less work for lawyers, surveyors, builders and other advisers. No spend on new furniture, estate machinery etc. Less employment for gardeners, housekeepers, drivers, nannies, etc".
Regional trends
Agents report that key drivers are access and schooling, and less so the scenic or peaceful drivers from the heady days of Q3 2020. Agents report sustained demand in the South East, where proximity to London, strong transport links, and established infrastructure remain attractive. Counties such as Kent, Sussex, Oxfordshire, and the Cotswolds more generally continue to attract the bulk of interest, particularly from domestic buyers prioritising hybrid working and education. "The most motivated buyers are with a school focus or in a chain", notes Lindsay Cuthill. However, despite the sharp spike in properties coming to the market, there is still a chronic lack of high-quality stock.
Buyers are targeting well-connected villages and market towns, with a clear preference for areas that offer both lifestyle and logistical ease – especially within striking distance of rail links or major roads. "Clients are becoming more sensitive to travel times, which dropped down the list of priorities for a period", explains Will Langmead. Charlie Wells notes that many buyers are "looking for a school, an easy commute and attractive countryside at the £2.5-£5 million level", and that although there are "some good big country house buyers out there", they "want to be within two hours of the capital and a good airport".
Given the connectivity, it is perhaps not a surprise that there has been "a very good run in the Cotswolds", according to Ben Horne. Harry Gladwin agrees: "the Cotswolds remains a firm favourite, especially villages with a sense of community but still accessible from London. Oxfordshire, parts of Buckinghamshire and the better-connected parts of Wiltshire and Hampshire are also in demand. I am seeing more buyers widen their search to villages just off the prime headline spots, looking for better value but still within the right catchment and social scene".
The forecast for H2: low pressure and overcast, with potential for sunny spells later in the year?
For now, it’s a market in watch-and-wait mode. "I expect the country house market to remain quite divided. Well-presented, best-in-class houses in prime spots should continue to find committed buyers and hold value, but compromised or overpriced properties are likely to stick", predicts Harry Gladwin.
Most agents predict more of the same in the run-up to the Autumn Budget. Will Langmead isn't optimistic but flags the opportunity for buyers: "my expectation is to see further stagnation in the market with Autumn looming. Most consumers elect to do nothing in times of uncertainty, and I think this will also hold true in the country house market. The knock-on effect will be greater polarisation, and properties that are not best-in-class are likely to come under pressure if they need to sell in the short term. This could provide some interesting opportunities for clients who are prepared to commit in times of uncertainty".
"It will continue to be a very selective and slow market, with transactions taking longer", predicts Charlie Wells. Several buying agents are quick to flag pricing. "We could have a busy market if sellers become more realistic with their prices", comments Mark Lawson, "the concern is that there could be another delay as we head towards the Autumn Budget and the threat of yet more tax rises or, worse, some form of wealth tax".
But there is some positivity around the Autumn. "Sellers' price expectations will undoubtedly reduce, creating a buyers' market in the Autumn", forecasts Jess Simpson. But timing is unclear, with Philip Harvey predicting that "unlike most years when there is very little activity outside of peak spring and autumn markets, deals this year will happen as and when buyers see opportunities".
Setting aside the "pristine properties without compromise which will still command a premium", Lindsay Cuthill is blunt: "if we get the price right then we can sell and so the prediction must be around a gentle repositioning of the market". But it will remain driven by off-market deals, expects Ben Horne: "much of the activity has happened well below the radar, which denies the market of confidence. So, this pattern is likely to continue into Autumn, with supply on the open market being limited to those who need to sell".
It's not all about price though, notes Phillippa Dalby-Welsh: "The potential for the government to introduce more tax measures will undoubtedly be on buyers’ minds, however they will be balancing this against being faced with the greatest amount of choice they have had for several years. There will be opportunities both for those who wish to buy and for those who wish to sell if they are strategic. That said… for some houses it is about finding exactly the right buyer, and reducing the price may not be the catalyst to success that everyone assumes".
There is some hope: if the Chancellor keeps a steady hand at the tiller and resists the further tax rises, the market may settle back to business as usual. "With interest rates now more stable and inflation showing signs of settling, confidence is slowly rebuilding. I expect some discretionary buyers who sat on their hands last year to re-enter the market as they feel conditions have become clearer and borrowing costs more predictable", hopes Harry Gladwin.
And fundamentally, as Will Langmead notes, "we are blessed with some outstanding architecture, and there will always be wealthy individuals who want to be custodians of these fabulous assets".
And finally… where would the experts buy, money no object?
It's a mix between wanting access to the capital and wanting to hide from it. "If I needed to gain access to the capital I would buy in Hampshire, Wiltshire or The Cotswolds. Obviously, the rural parts of the north of England and Scotland have enormous appeal. The idea of wilderness and seeing less of the urban population greatly appeals", laughs Charlie Wells. Robert Fanshawe favours Shropshire: "fewer people, good transport links, and consistently good value". Mark Lawson is similarly minded: "as far away from the madness as possible. Probably on the coast, overlooking the sea in Devon or Cornwall". Philippa Dalby-Welsh votes for the South West coast too: "there are some amazing buying opportunities currently… and I love to be by the beach and sea".
Jess Simpson and Ben Horne also vote for Hampshire. Jess readily justifies this: "it's an unspoilt and beautiful county with rolling downland, the best fishing in the country and only two hours from London. The architecture is refined with high ceilings and stone or brick vernacular and the city of Winchester has much to offer, whilst villages such as Stockbridge and Alresford have lots of independent shops and restaurants". Ben Horne is on the same page: "on the River Test in Hampshire, a stunning chalk stream with Stockbridge and Winchester nearby, decent trains to London and A303 access to the South West".
Harry Gladwin unsurprisingly votes for the North Cotswolds, probably around Snowshill, for reasons that are too long to quote in full, but revolve around picture-perfect villages, privacy, community and culture, architecture and transport links. Lindsay Cuthill votes for South Gloucestershire, "two hours from London, with beautiful unspoilt countryside and an appreciation of living in the country means we don’t complain about church bells and tractors!".
There's a strong Sussex contingent too. "I live at the foot of the South Downs in West Sussex and can think of no better place to be", says Philip Harvey, but to find a home for someone with an unlimited budget, "I would probably have to go to the Chalke Valley between Salisbury and Shaftesbury which has a similarly beautiful landscape, truly rural feel, and still reasonably accessible". Dominick Brown would stick to Sussex: “it still feels relatively untouched and offers excellent access to London", and Will Langmead agrees, choosing "somewhere along the South Downs Way, giving you interesting topography, great towns and villages with the coast and London in easy reach".
A vote of thanks
We would like to thank the agents who participated in this article and emphasise that any views expressed are their own (though the author also favours East Sussex or somewhere on the River Test). Andrew Williamson notes that "to steer through these headwinds you need an experienced legal team in sunshine and rain" and, alongside the agents in this article, we would be delighted to assist anyone looking to move in the country house market.
With thanks to: Dominick Brown, Charlie Wells, Mark Lawson, Jess Simpson, Harry Gladwin, Ben Horne, Robert Fanshawe, Philip Harvey, Will Langmead, Lindsay Cuthill and Phillippa Dalby-Welsh.