Traditionally, the country house market doesn’t take off until the ski season is over and the buds are on the trees. However, bucking all seasonal trends, sales of country houses in the first two months of 2006 have shot up, according to data from agents Knight Frank.

A prime example was the sale last month of Sarsden, home of Shaun Woodward MP and his wife, Camilla, for more than the £25m asking price. Bonuses are hitting bank accounts, tempting City buyers into a move, and Porsche Cayennes are heading down the M4 to find a smart place in the country. Figures from Knight Frank show exchanges on prime country house properties — average value £1.2m — are 37.1% higher and viewings are up by 57.8%.

“The recent spurt in growth means all of the price falls experienced by country house owners in 2004 and early 2005 have been recouped,” says Liam Bailey, head of residential research at Knight Frank.

Predicted record bonuses in the City, following a surge in lucrative corporate mergers and acquisitions, a buoyant stock market and a booming hedge-fund industry, have created confidence and substantial buying power.

Demand from lifestyle buyers for farmland and country houses underpinned the market in the last quarter of 2005, making up for a poor previous nine months. This market is being driven by the pre-Christmas boost to prices in the capital, and the pick-up in the Surrey market is a sure sign that big spending on a statement house in the country is back.

“Good houses in London are selling for 20% over the asking price,” says Rupert Bradstock of Property Vision, the buying agents. “This is feeding through to the country, aided by a major supply shortage.”

Houses that have languished on the market are seeing renewed interest, and in some cases, prices are rising. After 17 months struggling to find a buyer, honey-coloured Shipton Sollars Manor near Cheltenham, with eight bedrooms and 28 acres, sold last week for just less than the asking price of £4m.

“Expect to pay a 20% premium for a weekend hideaway or Georgian rectory with 20 acres and a pool,” says Bradstock. “The flip side is there are good deals to be had on houses that are blighted by too little land or some road noise.”

Alexander Hunt, of Cluttons’ country house department, has also noticed this fresh interest from the City: “For the first time in two years we are seeing demand for country property upwards of £2m outstripping supply. I had two calls this morning from buyers who have £5m to spend. That just didn’t happen a year ago.”

Hunt sold Oakfield, a nine-bed house with 12 acres and Italianate gardens near Penshurst in Kent, for more than £4m in December to a City buyer who had just sold his financial advisory business. Even quicker to sell was Stoke House, which exchanged in 48 hours for “well over” its £2.45m asking price. Set in 16 acres, the seven-bed house with stables near Andover in Hampshire, had four serious bidders.

“London buyers are definitely back in the country market,” agrees William Harries of The Buying Solution, who advises the well-heeled hunting for a house in Oxfordshire.

“Hedge-fund managers are earning large sums of money and don’t have to work in London five days a week,” he says. “They want a country house, generally two hours from London, and install Bloomberg in their study.”

Prime areas for London buyers lie west of the capital, from Hampshire to Wiltshire. Dowdeswell Court, a Palladian mansion in Gloucestershire, had a flurry of serious City interest after the New Year, and after a contest between three bidders it sold for more than £4.5m.

Simon Thomas of the real- estate team at Wiggin LLP solicitors has noticed a jump in London money hunting in the Cotswolds. He has one fund manager looking near Bisley or east of Cheltenham for a property from £3m to £6m.

“These guys are buyers who know they can get the property. They’re not buying near friends as such, more friendly rivals, and competing fund managers. They like the competition. They were wealthy before, but a £2m bonus is an added incentive to splash out and show off.”

Rupert Sweeting, of Knight Frank’s country department, knows of two “hedge-fund guys” in their early thirties looking at properties for more than £2m.

Crispin Holborow, the head of Savills’ country department, says: “Viewings are the clearest indicator of the market. In January, our viewings were up by 20%, and up by 36% in February.” Last week, Holborow had two sales go through on houses for more than £2m that had been languishing unsold since May.

Agents are advising clients to bring houses to the market early to capitalise on City interest.

“Selling secretly worked well last year,” says Sweeting. “But there is a shortage of property, especially over £2m in Oxfordshire. I’m advising our clients to test the open market. We are contacting vendors who had pictures taken last year, and advising them to sell now.”

After a slow 18 months, there seems to be a new air of confidence sweeping through the home counties and the Cotswolds, which may lead to some heady price rises even before the buds begin to bloom.

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