04.09.09  From The Times September 4, 2009

Mock-period mansion: Balaton Place in Suffolk

Buyers are looking for mod cons and convenience not a run-down pile.

Many urbanites harbour dreams of moving to a Georgian or Tudor country pile, with plenty of character, enough room for a dog or two and some peace and quiet. But the downturn has altered many such aspirations. Convenience and good condition have replaced �character� at the top of buyer wishlists, leading many to forgo the run-down rectory in favour of the �mock-period� property.

Something that looks old but is fairly new has none of the inconveniences associated with houses designed for a different era, and which, in the current climate, may even come at a discount � as the �1 million reduction of an Italianate mansion in Suffolk shows.

Lucy Blythe, of Savills� country house department, who has noticed increasing numbers of Palladian-style properties (all heavy stone and pillars) being built in the Home Counties, says that despite a continuing love affair with traditional British architecture, buyers are demanding a much higher quality of interior than they were 18 months ago. �People have become more concerned with getting value for money and buying something that they don�t have to do up. They want underfloor heating and kitchens that can be used as an extra family room. In old houses that are listed or awkwardly designed, altering the layout to fit a modern family�s needs can be a lot of hassle.�

But how does the value of such properties compare in the long term with more traditional houses? Lucian Cook, head of residential research at Savills, says buyers should be wary of buying something that has been assembled hastily. �The key thing is quality. If a modern property looks tacky or fragile, buyers will go for the old house every time. But if it has been done well, with good materials that will stand the test of time, that it is new could be seen as a bonus in the long term, allowing the buyers greater flexibility than a period property and adding value.�

Buyers who opt for mock-period properties not only avoid forking out for expensive refurbishment, they may also dodge the high insurance premiums that older properties, particularly those that are listed, command. English Heritage can insist that you use like-for-like methods and materials, such as thatching, to rebuild your property if it is damaged, which can be expensive.

The Courtyard at Balaton Place in Newmarket, Suffolk, is a good example of a property that has combined the best of old and new development, although it also illustrates the difficulty of valuing such properties. The former stable block, which was once owned by the trainer for the Hungarian royal family and was transformed eight years ago into an 11-bedroom mansion, has just been reduced in price by �1 million after a few months on the market. It now has a guide price of �4.95 million.

It is not so much a newbuild as a rebuild. Constructed using the original red brick from the stables, it has the feel of an old Italian palazzo, with all the rooms, including the indoor pool, winding around the main courtyard, at the centre of which is a fountain where the horses� watering hole once was.

The inside though, offers every kind of mod con. There are guest and staff houses, a home cinema and a swimming pool with a steam room and spa bath. The master bedroom has an en suite bathroom that is almost as big as the bedroom, and a flat-screen television rises from the foot of the bed at the touch of a button (the owner, who designed the bed, will sell it for an additional �20,000). A single sound system, operable from each room, runs throughout the house, as does the underfloor heating. Even the �grass� has been planted with practicality in mind; it is fake, although you can�t tell from afar.

Gary Hersham, of Beauchamp Estates, and Henry Holland-Hibbert, of Strutt and Parker, the joint agents, believe the property is likely to attract international, particulary Arab, buyers, because of its high-spec interior and proximity to horse racing (the Godolphin Stables, belonging to Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, are around the corner).

However, of the few people that have visited the property already, most have been British. �British buyers have become savvy to the fact that it is easier to borrow against a property that is in such good condition because everyone knows what they�re getting; you�re not promising to add value to it at a later date,� Holland-Hibbert says. As with most areas of the UK, the number of sales in Newmarket has fallen dramatically. According to Hometrack, there have been only 38 sales of properties worth more than �2 million nationwide so far this year compared with 329 in 2007, an indication that lenders will consider only what they perceive to be a safe bet.

Blythe adds a note of caution: �Older properties that have been lovingly restored will still tend to command the highest premium because they are in short supply and cannot be replicated. But for every buyer that wants a listed building, there is one who doesn�t want that responsibility.� Aspects that are seen as a downside by some, such as the lack of extensive grounds at Balaton Place, for example, will elicit a sigh of relief from others who would rather enjoy the view from the spa bath than think about the gardening.

Beauchamp Estates: 020-7499 7722; beauchamp.co.uk