Bexhill-to-Let

1066 Country Houses - how do you value them?

We moved to our current house in Battle in 2012 and it suits us just fine for the time being but at some point we want to move to larger house with land.  Country houses are very popular right now with the T.V. series Location, Location, Location, but I struggle with the sticker price of these properties - the asking price is much larger than your typical home in Britain.  I’m concerned that I would over pay and get suck in a position that doesn’t bode well for selling in the future.

Most country houses with land in East Sussex start around £500k and go well north of £2m (some manor houses or estates go even higher).  I largely blame “horse lovers” for the additional inflated cost associated to country houses.  People who love horses will put their animals in accommodation that is potentially much nicer than their own house. A lot of country houses generally have stables that command a higher price - but does it really add that much more value for a barn with cubicals and sliding doors?

Currently on the market is a country house on the way towards Heathfield called Reeve’s Cottage, which was previously listed with Campbell’s Estate Agents for £799k last year.  The house didn’t sell and has now been re-listed with Rush Witt Wilson and put on the market for £735k.  The house has 4 bedrooms, garage, stables, and almost 7 acres of land. It’s not grade II listed, which is a plus, and is finished to a high standard but nothing more makes this house outstanding.  Still, this is a really nice property.

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Zoopla estimates the house is worth £599k, which may not be that unreasonable, but I did notice the last sold price of £600k in 2010.  When speaking to the estate agent I mentioned the price still seemed a bit high from the last selling price. He replied “the current owners have gutted and remodeled the entire property” but in my view that doesn’t add that much to the value unless the owners are adding an extension.  Remodels do how ever make the property more salable.  Our discussion continued and I told him I thought the property was worth, at best, £655k, which accounted for a healthy 3% inflation increase (compounded annually) since it last sold for £600k in 2010. Seems more than fair.

Needless to say, we didn’t see eye-to-eye on the value, but the property still hasn’t sold yet. There’s been lots of viewings and interest, and no one can find any real negatives about the house, so that only leaves one thing left - the price. The estate agents may very well get someone to walk through the door and pay the asking price or close to it, but if buyers would do their homework a bit more they would realise the price is still too high.

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Posted 287 weeks ago

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Bexhill-to-Let Welcome to our property blog! We are actively involved the property market in Bexhill and the surrounding areas! Our blog will have content about properties in the area, managing properties and tenants, working with estate agents, tips and tricks, bits and bobs, and perhaps some silly meaningless information too!

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