Country house prices could fall further still

Owners of country homes will be cursing their luck after a property expert predicted further falls in value over the next year.

Research from estate agents Knight Frank found that country cottage values fell by 17.9 per cent in the final quarter of 2008, while farmhouse values fell by 15.6 per cent.

But the worst is not over yet, according to chief executive Mark Milner, who believes that values could fall by a further 15 per cent as the financial downturn starts to affect rural properties.

"City job losses, for example, will mean there will be country properties coming on to the market from movers looking to downsize or move closer in to the city," he said.

"Second homeowners will also be hoping to sell their homes to release capital.

"Our agents also report that country vendors are becoming more realistic with pricing."

Those wishing to hold on to their country abode may consider building a conservatory or glazed kitchen extension to help boost the value of the property and provide stunning views of the countryside from the homes interior.