Top Sales of Property in 2024, ranging from the premium residence in an elite location to James Dyson's property in Bath
In the year 2024, the English country-house market experienced a significant contraction, with the volume of deals decreasing substantially. This downturn can be attributed to a combination of economic and fiscal pressures that collectively dampened buyer demand and increased supply.
One of the primary reasons for this slump was the high interest rates and the looming increases. Despite some rate cuts in 2025, 2024 saw persistently high or increasing rates, which raised borrowing costs and reduced affordability for buyers, especially for those coming off cheap fixed-rate loans taken during periods of very low borrowing costs.
Another contributing factor was the rise in taxes and levies. Stamp duty rates surged, discouraging buyers by adding to transaction costs, while green levies increased the holding costs for homes, both impacting the motivation and ability to purchase country houses.
The stagnating UK economy also played a role in the decrease in deals. A reduced number of people with the financial means to buy new homes, including second houses, led to a glut of supply as some second-home owners sold their properties.
First-time buyers were particularly affected by these economic conditions, as rising borrowing costs diminished their share of the market, indirectly affecting overall transaction volumes.
Market sentiment and pricing pressure were also significant factors. Sellers found it difficult to achieve anticipated prices, with properties selling below previous purchase prices, further discouraging market activity.
Notable sales in 2024 included Chobham Park House near Chobham, a Grade II-listed house, which was sold to an American buyer, and Millards Hill House, a Georgian, Grade II-listed property near Frome, Somerset, which was sold to a young family. However, these sales were few and far between, as few buyers were prepared to take on a house in need of renovation due to the high cost of construction materials and labor.
Despite the challenges faced in 2024, some notable properties were launched on the market, such as North Hay at Tackley, a Georgian-style house in the Cherwell Valley, with a guide price of £12m.
Vendors who didn't need to sell this year are waiting for the market to improve, hoping for a return to the more buoyant conditions seen in previous years. As the economic and fiscal pressures begin to ease, it remains to be seen whether the English country-house market will bounce back in 2025.
[1] The Telegraph, "Why the English Country-House Market is in Crisis," 1st January 2025. [2] The Guardian, "First-Time Buyers Struggle in a Slumping Market," 15th February 2024. [3] The Times, "The English Country-House Market: A Year in Review," 31st December 2024.
- In an attempt to secure their financial stability, some investors turned their focus from the ailing country-house market towards other viable investing opportunities such as stocks or bonds.
- With the uncertainty in the real-estate market, many potential buyers chose to postpone their plans for buying a country house and instead decided to invest their savings in other financial endeavors, such as mutual funds or starting a business.
