The annual decline in prices has now increased to 4.8% from 3.9% in the first quarter, the data from the latest Knight Frank Country House index shows.
The price of property worth £5 million increased 0.8% on the quarter and 3.5% on the year. Also properties around London are benefitting for London home owners looking to capitalise on record high prices, according to Grainne Gilmore, head of UK residential research at Knight Frank.
In the sector prices are just slightly higher than 2009 levels, in contrast to prices in prime central London, which have risen by 48% since the trough of the market in early 2009.
This means that demand from London buyers is creating country commuter hotspots, with prices of prime property in Oxford up by 2.5%, in Henley up by 0.5% and in Guildford up by 0.2%.
For example, a family with a home valued at £2.4 million in prime central London in early 2009, but who have held off moving to the country until now, will have an extra £1.12 million to spend on a bigger country home or more land, as their London home is now worth around £3.52 million.
Alternatively, a couple who bought a home worth £1.5 million in prime central London in May 2010 can now look for a comparable property in the country worth £1.79 million thanks to the uplift in the value of their London home in the interim.
In contrast, prices in Harrogate fell by 1.3% on the quarter, and values in Sherborne declined by 3.7%.
Gilmore also said that current currency movements make prime country property more attractive for overseas buyers. The very best properties are attracting increasing attention from overseas buyers, with Russian buyers noticeably active in the market.
Currency movements are helping to make prime country property even more attractive for overseas buyers. Singapore buyers who purchase a home now can benefit from a 40% discount compared to prices back in March 2008, thanks to house price and currency movements.
Those buying in US dollars will get a 34% discount, while European buyers will get a discount of more than 20%.
