Wednesday, December 13

The Rural Dream, Buy A Lot On A Country Estate.

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Many people dream of living in a country home but could not afford to fund the land that comes with such properties.  However country estates are coming onto the property market and instead of selling the estate as a whole they are being broken up into lots.  Typically a country estate has a large house or manor with lots of homes dotted around the hundreds, or sometimes thousands, of acres on the land.  These could be anything from the houses of gamekeepers to the cooks or gardeners of the estate.

The property downturn has meant that the landed gentry are selling off these secondary properties as they struggle to hold on to their large estates.  Therefore it is becoming more popular to sell the estate off into lots rather than try and sell it for a seven figure sum.  There is a 1,593 acre estate in Brecon on the market with an agent for £15million or can be sold separately into 15 individual lots.  The estate is located between Brecon and the market town of Hay-on-Wye in the Welsh Borders.  For example Tredurn House on the estate is being sold for £3million, this comes with 313 acres.  Or for those on a smaller budget there is the Keepers Cottage and the Hatchery which are two semi-detached houses for £225,000 each.  Penyparc, a three bedroom cottage is also for sale at a price of £350,000. 

The estate has had a lot of interest from farmers wanting to extend their own estates and from people also wanting their own part of the rural dream.  There has also been interest in people wanting to invest in buy-to-let holiday cottages due to it being within the National Park.  Agents feel that it is a good idea to split the larger estates into lots because of the vast amount of people wanting to buy into the idyllic lifestyle.  They want a house which has a sweeping drive up to their home but without the pressure of keeping the land so splitting the estate into lots allows many people to buy into this dream.  If the land came with the properties many would not be able to afford it.  New owners need to be careful that they have checked if there are any covenants on the land which they may not agree with before they buy or there could be complications later on.  

Investors are also interested in this idea of breaking the estate up into lots because farmland is increasing in value year on year.  At the beginning of 2000 farmland was worth £2,500 per acre, this has not increased to around £6,000 to £7,000 per acre, and some areas have been known to get £8,000 per acre. 

Other estate owners are also interested when estates near them get broken up into lots as it allows them to extend their land.  They also know that their land value has significantly increased and so are keen to snap up any land that becomes available within their vicinity.  It is also easier to get gazumped if you are only buying one of the smaller lots on an estate because if someone comes along with the full asking price for the whole estate they are more likely to sell to them, as the saying goes, money talks.

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