The onset of the credit crunch resulted in a complete lack of activity on both estates with no sales above £5 million for over 12 months. Purchasers were not prepared to commit to a purchase and vendors were equally unprepared to engineer a sale by reducing their price. Activity therefore ground to a halt.
Knight Frank is delighted to report that the gloom has now lifted and the stalemate has ended. In the last 3 weeks in St George's Hill there have been 2 notable sales, firstly Highclere, a contemporary new build house of in excess of 14,000 square feet in 1 acre off a guide price of £7.25 million. The other sale was concluded privately and both of the purchasers were international.
Tim Garbett, head of North Surrey sales, who has handled sales in St George's Hill for 30 years comments:
"In terms of activity the last 3 months have seen a complete reversal on the news of a year ago. The overseas purchasers have all been waiting in the wings over the last few months but none of them have actually committed to a purchase until recently. This news has boosted confidence locally and we are finding that all the private estates in this area, such as the Crown Estate in Oxshott and Burwood Park in Walton on Thames, have had a knock on effect and sales have tripled."
The Wentworth Estate has had a similar reaction and this was led by a private sale in July. Following this Knight Frank sold Virginia Gate, an attractive new build property which carried a guide price of £8 million. In turn several other properties have sold including Connaught House, a stunning new house constructed by Rectory Homes which carried a guide price of £5.5 million.
Paul Cockerham, head of Knight Frank’s Virginia Water office, adds:
"It was extraordinary to see the top end of the Wentworth Market in the doldrums for such a long period of time. Wentworth is always a popular area for overseas buyers and we always felt that it was simply a matter of buyers feeling reassured that they were not the only people in the market. Once one or two houses sold, we were away!"
Going forward, Knight Frank is currently offering a range of properties on both estates
including:
- Hurtwood, Wentworth: Tarrant House with delightful gardens with about 3.5 acres, guide price £4.35 million.
- Milkwood, Wentworth: A substantial new build house recently refurbished and finished to a very high standard, guide price £12 million.
- Three Oaks, St George's Hill: An imposing family house in an elevated position, guide price £3.25 million.
- Waldegrave House, St George's Hill: A magnificent new residence of grand proportions, guide price £11 million.
James Cleland, partner, country department summarises:
"When the economic climate shows signs of a downturn, many of the buyers and sellers in the prestigious Surrey private estates tend to down tools for a period of time. Very few of them need to either sell or buy. Conversely when the market is looking up and confidence is evident, the two estates can get very busy very quickly."
