Country houses of the kind that dreams are made of - old, distinctive, with land and a river or woods plus outbuildings and maybe a gate lodge - have never been in such demand. With more and more people trading in their city home for a relaxed lifestyle, and the new rich seeking "trophy" properties, big country houses are hard to find - and increasingly expensive to buy.
A decade ago, most agents specialising in country property would have had several "old piles" languishing on their books that nobody wanted to buy because they cost to much to run. Now, people have money to buy and run them in style, but they will no longer be able to get them at bargain prices. The improved economic climate means too that owners can afford the ongoing upkeep and repairs and are deciding to stay put.
However, Robert Ganly of Ganly Walters, which has just linked up with Sothebys International, has got "quite a number" of country houses in the £1 million to £4 million range coming on to the market in the coming months but admits that this may be a case of two years supply, this year's and next, coming together.
The market is more encouraging for those keen on a relatively modern country house with a half acre or so of land. "There's no shortage of bungalows on an acre or so in places such as Co Meath," according to Edward Townsend of Jackson-Stops. To live in such a house, buyers are willing to commute from anywhere within a hour's travel of Dublin.
Cork-based Michael Daniels, who deals exclusively in country homes, castles and farms, says that the market in such properties has seen a "year on year rise of about 25 per cent. Because of the demand and lack of supply, I can't see any reason why it won't continue. The mainstream market may flatten out, but not the country home end of things."
Other agents agree, with Frank Doonan of Gunne claiming that "along with Dublin 4, it's definitely the sector which saw the greatest level of increase last year".
Robert Ganly goes further, saying prices "have more than doubled over a three-year period". As an example, he cites The Old Rectory, at Beauparc, Co Meath. This sold for £380,000 in 1997. In October, 1999, it made £760,000.
Michael Daniels says the trend at the top of the market is that more people are selling privately. "People who pay big money don't want to go the auction route. They don't want either the hassle or the publicity. We've just sold a Gerogian house on 48 acres in Co Cork for £1.25 million, with us affecting the introductions and the deal arranged privately. We've had people on our books for three years or more, looking for properties like this."
According to Frank Doonan, because of the scarcity of grand, old houses which developed through the 1990s, "you'd get nothing for £1 million. nowadays. Five or six years ago, the main demand was for houses in the £200,000 to £400,000 bracket. This has now gone up to £500,000 to £1 million".
Notable prices paid for notable houses last year include the £2.5 million paid by dancer Michael Flatley for "Castlehyde", Fermoy, Co Cork. Michael Daniels says the Georgian house has 150 acres fronting the River Blackwater. Another Georgian house sale was that of South Lodge, on 120 acres of parkland in Co Tipperary, which made just under £1 million. The demand for genuine period houses is greatest within a 45-mile radius of Dublin. Buyers want the "real thing", according to Frank Doonan, and not "large houses masquerading as country homes, refurbished without a lot of TLC". And, according to Edward Townsend, "buyers will happily pay £1 million or more".
Country houses close to Dublin airport are still the most sought after and Meath is the county with the greatest density of true period country properties on the east coast.
Dublin city dwellers are "making for the country" according to Tom Day of Lisney. But so, too, are foreign nationals, people trading up within their own area, Irish people returning from abroad and those who can use IT to work from home. The Internet is an agreed "big factor". Frank Doonan believes that, as part of the euro zone, this is an ever more desirable location for Continental buyers. "There's an extremely strong demand from the UK too, because of the sterling differential, but Irish buyers are to the fore too."
Edward Townsend affirms that Dublin buyers are a strong force. "They'll buy anywhere that is within an hour's commuting distance. If you put up a good period house for sale even as far away as Gorey you can bet it will be a Dublin buyer who snaps it up."
