Macpherson prides himself on always being honest when asked about overall performance in a given year, and he gave 2015 a terse review: ‘[It] was quite difficult, we didn’t do an enormous amount of business. We bought two farms privately, one in Gloucestershire and the other in Hampshire.’

One of the main factors behind the country home market’s slow performance, he says, is the impact of the stamp duty hike: ‘Farms and estates are, at the moment, subject to a 4 per cent SDLT, but if you talk about a £1.5 million house, you’re talking about £93,000 stamp duty.’

Based in the Cotswolds, CKD Kennedy Macpherson’s founder is well known for selling prime agricultural and sporting estates throughout the country, and has recently been involved in a significant number of private transactions involving grouse moors. This comes as no surprise to a peer who describes the firm’s dedication to the niche market, where deals are usually rare: ‘They have been involved in all the big grouse moor deals one way or another in recent years.’

Macpherson sees a quiet year ahead, in which the market, at best, will plateau. His pointed answer when asked about the trick to surviving in a slow market is: ‘Dealing with a property that is sensibly priced.’