The market for £10m-plus trophy estates is stronger than it has been for a decade.
The rarified market of country houses worth more than £10m, with more than 100 acres, is booming. Mark Lawson talks to The Sunday Times about who’s buying in the country, and why now?
According to Mark Lawson lack of supply, and the subsequent competition, is fuelling demand for “best in class” estates. “It’s like hunting for unicorns, they are so rare. Often they are sold off market. There’s plenty of pent-up demand. A lot of people have made a lot of money in the past 10 years. At the same time, estate owners don’t need to sell. Interest rates are low and there are fewer people in debt.”
Owners are no longer bumbling Lord Granthams struggling to keep inheritances going. “Estates are businesses now, and are run efficiently, Owners maximise opportunities. It’s all about diversity — making the asset sweat and work.
Myriad revenue streams are derived from letting cottages and land, farm income, development, timber (prices are up 30% in a year), shops, pubs, hotels, festivals and glamping. Green energy (biomass heating, solar and wind power) is another new money-spinner.
Examples of thriving multifaceted modern estates include 4,000-acre Great Tew, Oxfordshire, famous for the Soho Farmhouse members’ club, and 850-acre Miserden, in the Cotswolds, which is going big on biomass. Ethical investment and “natural capital” are buzz terms amongst high-net-worth buyers.
All of these aspects bode well for the revival of the great British estate.
Read the full article here: https://www.thetimes.co.uk/article/why-10m-plus-trophy-estates-are-booming-pq29t8dx7