The Prince of Wales and the Duchess of Cornwall have bought their first home together in a rural corner of the Principality.

The three-bedroom farmhouse at the centre of a 200acre estate, near Llandovery in Carmarthenshire, is believed to have cost the Prince about £1 million.

Its appeal to him was its rural isolation and because it has been farmed organically, like Home Farm at Highgrove, his residence in Gloucestershire.

The heir to the throne, who was invested as Prince of Wales in 1969, has for the past 37 years slept in other people’s beds whenever he has visited the Principality. Now other people may soon be sleeping in his bed, as the couple’s plans include renting the house to holidaymakers when it is not in use as a royal residence.

The “modest” farmhouse on the Llwynywormwood estate was once the coachhouse to a grand 13-bedroom country mansion that stood next door.

A spokesman for Clarence House said: “The property will be used regularly by the Prince of Wales and the Duchess of Cornwall when they are in Wales. The property will be used as occasional holiday lets when the Prince and the Duchess are not there.”

The news of the royal purchase has had local estate agents rubbing their hands in anticipation of rocketing property prices.

Les Probert, who valued the property for the previous owners, said that the house was small by royal standards but had some spectacular internal features.

“The living room has one of the finest cathedral ceilings I have ever seen and the adjacent barn is the largest in the county,” he said. “It is only a small coach house and any holiday let would have to use the same facilities as Charles and Camilla.”

Mr Probert valued the estate at more than £1 million, although it was sold privately. The farm itself is rented out. The estate included 150 acres of farmland, 40 acres of woods and the ruins of Llwynywormwood House, the 13-bedroom mansion to which much of the surrounding countryside belonged.

The Prince is already preparing to submit plans to modernise the property and convert the outbuildings.

Clarence House confirmed that the property would be available for holiday lets when the work is complete. He said: “All the buildings, including the main farmhouse, will be available for rent. Anyone using the property will be able to enjoy all the facilities, including the bedrooms, that are used by the royal couple.”

It will be marketed as a holiday let through the Duchy of Cornwall and could provide the Prince with an income of up to £1,000 a week during summer.

The Prince has been looking for property in Wales for more than two years and has often been criticised for not having a house in his own Principality.He regularly spends a week each summer in Wales with friends, including the family of Tiggy Legge-Bourke, his sons’ former nanny, at their estate in nearby Crickhowell.

His spokesman said: “His Royal Highness, as Prince of Wales, has for some time been keen to buy a property in Wales. He is a frequent visitor and has a deep affection for the people of Wales and that’s the first and foremost reason.

“It’s also a sound financial investment for the Duchy. The Duchy is making a considerable investment in the property and will look to bring work to the area. It will be rented out and it’s hoped it will bring tourists to the area and stimulate the economy. There is also some conversion work to be done, subject to planning permission, including extending the existing house to provide more catering facilities and additional accommodation.”

The present owners, John and Patricia Hegarty, pioneered organic farming techniques in the area for the past 20 years.

The Duchy of Cornwall has exchanged contracts with the Hegartys. Completion is set for the end of March.

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