St George’s Hill, or the Beverly Hills of Britain as it’s sometimes called, is regarded as one of the U.K.’s best private country estates.
The Surrey neighborhood built in 1912 is synonymous with the wealthy global elite and stately supermansions. It was once home to John Lennon and Elton John and is favored by high-flying business and banking types due to its convenient location. The discreet 960-acre gated estate sits just 23 miles southwest of central London.
Agents last year reported a bounce back in the St George’s Hill market after a slump in 2018. Foreign buyer numbers were down due to the Covid-19 pandemic travel restrictions, but they were replaced by domestic buyers motivated to move by the need for outside space, said Stuart Cole, a partner in Knight Frank’s country department, which covers north Surrey.
According to Simon Ashwell, head of Savills’ Weybridge and north Surrey region, 21 houses sold in St George’s Hill last year compared to 13 in 2019 and nine in 2018.
Mr. Cole said in 2020 there was a “gazumping”— the term used when a seller accepts an offer from one buyer but then accepts a higher offer from someone else before the sale completes—on one property and competitive bidding for another prestigious property and some bids in the mid-teens for other properties, but the deals have not come off as sellers are holding on.
The biggest deal of 2020 was a sprawling new build house known as The Ramparts that sold to an Eastern European buyer for just under £17 million (US$23.17 million) in November, according to Mr. Ashwell, whose agency handled the deal. (Its asking price was £17.95 million).
St George’s Hill and Weybridge, with Cobham and Esher, forms the so-called golden triangle of Surrey, according to agents. Tim Banks, CEO of high-end housebuilder Octagon—which has built about 7% of the 420 homes on the estate—said that while St George’s Hill remains a top address, it is not only estate that demands the premium price point. The likes of the Wentworth Estate and Crown Estate, as well as affluent roads in places like Sunningdale and Esher, all hold their own appeal to high-end buyers.
Article Source: Mansion Global