New crop of buyers for country houses

Country house sales boomed this year, with the new tigerocracy paying record prices for estates of the old ascendancy. Michael Parsonsreports

It is a truth universally acknowledged that an Irishman in possession of a good fortune, must be in want of a . . . house, of course. And if the house happens to be Georgian, on a nice bit of land, then his heart's lost surely.

In the immortal words of that old Freudian buffer, Scarlett's Pa in Gone With The Wind, "To anyone with a drop of Irish blood in them - why, the land they live on is like their mother". Hmmm.

Not so long ago, all the best country houses and finest estates were occupied by the shivering relics of "auld dacency" or by wealthy international owners who live there for just a couple of days or weeks a year. But these have been replaced by a new breed of buyer. Out go Lord and Lady Muck, monocled majors and the ghosts of innumerable William Trevor stories and in come scions of the new tigerocracy. Owning a country house has become de rigueur for the New Ascendancy. The wobbles in the property market this year have not dampened the sales of country houses.

According David Ashmore of HOK Country, who sold Ballintaggart House at Colbinstown, Co Kildare, for "over €13 million", 2006 was the agency's "strongest year ever in terms of volume and value with phenomenal growth especially during the first half. Overall prices rose by between 15 per cent and 18 per cent."

His glowing end-of-term report is echoed across town. At Colliers Jackson-Stops, which handled the sale of swanky Bective Demesne in the Boyne Valley for a cool €13 million, Edward Townsend confirmed that "more country houses came on the market than in previous years and prices rose by 10 per cent in the first-half". He believes that, "the outlook remains favourable, prices are holding up and the market remains stable".

Over at Ganly Walters, Callum Bain, who sold the 535-acre Ballincor Demesne at Shinrone, Co Offaly, for €7.55 million, was "astonished" by the "sizeable increase in turnover" which significantly exceed the firm's budget expectations. Price increases averaged 12 per cent, and there is "strong demand" for similar properties. The company was also involved in the sale of the Humewood estate in Kiltegan, Co Wicklow which was bought by property developer John Lally for over €25 million.

But it's not just the capital's green-wellies triumvirate who've been making hay. Susan Kirk of Coonan Real Estate Alliance in Maynooth, says, "2006 sales were very strong" mentioning the sale of a 130-acre holding of agricultural-zoned land with "an old period house in need of a complete revamp" which made €6.1 million.

And speaking from the thoroughbred Curragh, Paddy Jordan of Jordan Town and Country Estate Agents, says that "demand exceeds supply" while interest rate rises have not deterred buyers seeking good country houses. The specialist niche market for stud farms, was also buoyant with Jordan securing a king's ransom of €30 million for Baroda at Newbridge, while Coonan's handled the €14.8 million sale of Huma Park at Straffan.

Not all of the action is in Leinster. Munster specialist, Michael Daniels of Michael H Daniels & Co, Mallow, has seen "more country house sales than any year for over a decade with price increases of 20 per cent". And unlike quiet-as-a-morgue auctions for some Dublin houses recently, he's seen buyers flock to sales rooms.

Pallas House, a Georgian requiring modernisation on 32 acres near Waterford, attracted 50 expressions of interest and an auction lasting two hours, "with at least six bidders chasing the property", which eventually sold for €2.9 million. But he also points out that "as many as 40 per cent of country houses are sold privately and discreetly".

So who's buying and why? "Paddy is king," quipped one agent referring to the virtual disappearance of overseas buyers with the exception of our own returning Wild Rover expatriates, laden with booty.

Agents confirm that the biggest demand is for period houses on about 20 acres which can cost between €2 and €5 million depending on location.

The profile of the average buyer is a fortysomething Dublin businessman, often with country roots, who is seeking a better quality of life for himself and his family. The pony brigade needs the space, the prospect of friendlier schools appeals to some, while others betray a nostalgia for a gentler, quieter Ireland - though with all the modern comforts and conveniences appended.

The increasing availability of internet broadband and improved road and rail access means that working from home - at least a few days a week - is possible. Country houses are no longer seen simply as "trophy assets", claims Daniels but retreats from "the much increased pace of contemporary life and a search for greater privacy and prestige which only land can provide".

Demand has traditionally focused on properties within a 30-mile radius of Dublin, especially in counties Meath and Kildare, but agents say that with increasing traffic congestion, noise pollution, and the triffid-like expansion of suburbia, the boundaries are being pushed back and buyers are looking further afield.

According to Townsend, "Properties in counties like Cavan, Westmeath and Wexford have seen large capital growth in recent times."

Early indications are that the country house market is set for continued growth in 2007. Demand for good period properties continues to outstrip supply and many agents say that they still have disappointed underbidders from this year on their books.

By the way, spare a thought for all those hard-working country house estate agents. You probably think they've all decamped to Sandy Lane by this time of year and are right now lolling in hammocks reading this on their Blackberries while sipping a refreshing rum punch.

Not a bit of it. Ashmore stressed that they're all "working right up to Christmas". Bah-humbug.