The state of the country house market: Autumn 2010

Noseley Hall, Leicestershire (Image: Knight Frank)
Noseley Hall, Leicestershire (Image: Knight Frank)

Throughout September, the increasing weight of each week’s ‘Country Life‘ magazine heralds the starts of one of the busy periods for launches of country houses.  As an relatively unscientific barometer it would appear that the market is doing well with some impressive estates and houses being offered up to tantalise the armchair enthusiast and serious purchaser alike – but a few houses are still proving difficult to shift.

The September 1 magazine provided a summary of the successes of the year-to-date with glowing reports from estate agents who, despite some fears in January about an uncertain year ahead, are happy to highlight their successes.  The article quotes Crispin Holborow of Savills who rightly points out that ‘best in class‘ houses will always sell quickly and for above their guide price if the right buyers start competing.  He cites Ropley House in Hampshire which sold at over it’s guide price of £4.25m, as did the grade-I listed Shanks House in Somerset which was offered with 70-acres for £5.5m, but their biggest success was the coveted Chadacre estate in Suffolk with 680-acres which reputedly sold for more than double it’s £10m asking price.  Other houses such as the elegant grade-I Worlingham Hall – regarded by Norman Scarfe as ‘the most beautiful house of manageable size in Suffolk’ – also sold over it’s guide price of £3.9m.

Other houses sold close to their guide include Peatling Hall in Leicestershire (mentioned on this blog in July) which was offered at £4.75m, whilst the stunning Compton Pauncefoot Castle in Somerset suffered from an unfortunately timed launch in September 2008 at £17m which knocked buyer confidence meaning that it hung around until Febuary 2010 before selling at £15m.  Others had to drop their prices or accept being sold in lots with Kiddington Hall in Oxfordshire selling for £15m to Jemima Khan once the rest of the 2,000-acre estate had been sold (originally offered as one for £42m), whilst Fillongley Hall in Warwickshire has yet to find a buyer even after selling 400- out of the original 500-acres originally offered when it went on the market in 2005 (£3.5m, Savills).  Pusey House in Oxfordshire, which was originally launched with 643-acres but when featured as the lead property advert in the September 15 magazine it was offered with just 67.

So who are the awkward squad?  Grade-I listed Noseley Hall in Leicestershire is still with Knight Frank with the same acreage; though now at £12m rather than the original £14m asking price, and Iver Grove in Buckinghamshire, a pocket Palladian gem, is still being offered (again with Knight Frank) – though mysteriously with no price, so probably less that the £4.5m guide in February 2010; and way down from it’s original price of £6.5m when it was first launched in 2007.  Up country, Yester House in Scotland is still available despite having had it’s price halved from £15m to £8m since the original launch in August 2008.

So, although the property market does seem buoyant, it does seem that some are struggling.  Perhaps the flurry of launches will bring an influx of new buyers who may take a renewed interest in the harder-to-sell properties, but they equally may well wonder why they are still available and pass them over.  It seems that some owners who are keen to sell are being flexible, either dropping the price or selling in lots, but for owners who refuse to budge the market may take a very long time to rise to meet what they think their property is worth.  It seems flexibility is still a vital attribute whatever rung of the property ladder you are on.

Still available for sale – the country houses proving difficult to sell

Despite the enthusiasm of the estate agents, it seems that some of the most impressive houses featured in the glossy adverts at the front of Country Life magazine are proving difficult to sell.  Whether this is due to a poor local market or unreasonable prices, or just bad luck, here are a few stunning country houses which are still looking for buyers.

Noseley Hall, Leicestershire (Image: Knight Frank)

Noseley Hall in Leicestershire has been in the family of the present Lord Hazelrigg for nearly 300 years but was put up for sale in April 2009 at a guide price of £14m for the grade-II* listed house plus the 1,200-acre estate.  Built in 1728 on the back of Northumberland coal mining wealth, the house is decorated with works of art (though fewer now following several auctions), and fine plasterwork.  However, Lord Hazelrigg admitted that the estate doesn’t cover the costs of running the house, and so he decided to sell, but it’s still listed on the Knight Frank website – and still with a guide price of £14m.   More details: ‘The last of the romantics‘ [Sunday Times]

Dowdeswell Court (Image from Savills)

Another house which has been for sale is Dowdeswell Court in Gloucestershire which was first advertised in 2005 and then sold for £4.75 but then came back on the market in summer 2009 with a guide price of £7.9m (and was featured in this blog).  When serial restorer James Perkins took on the house it had been a 46-room nursing home resulting in a huge restoration project and since he sold in 2005 has moved on to restoring other country houses including Aynhoe Park.  The grade-II house was built between 1833-35 by local architect Charles Paul of Cheltenham and was originally three storeys but during the 1920s the top storey was neatly removed.  The more manageable house is a beautiful example of neo-Classical detailing combined with modern comforts. The house is available through either Knight Frank or Savills.

Compton Pauncefoot Castle - Somerset (Image: Bidwells)

The final property for this list is the impossibly beautiful Compton Pauncefoot Castle in Somerset which has been for sale since 2006.   Built in 182o, the grade-II listed house sits in a 1,278-acre estate with 40-acres of stunning gardens and lakes.  Originally on the market for £22m, it failed to sell even during the boom years of 2007-8 and despite 20 buying agents being invited to a launch event, and being featured in the The Sunday Times, it’s now being sold at auction – though I suspect the reserve would be near the current price advertised on the agents websites of in excess of £17m.  Perhaps the fact that it’s only for sale as a whole may have put off those who might just want the house and immediate grounds – but this would deny the owner the certainty of privacy that the surrounding estate would bring.  The house is available through Bidwells and Knight Frank (who despite putting it as their lead advert in Country Life this week fail to have it on their website).