Clue: From the Home Counties, nearly rancid: the bubbly's finally missing something (5-4)
Answer: SOUTH-EAST
Explanation: Definition: the Home Counties
A charade of SOU[r] ('rancid') minus it last letter ('nearly') plus 'the' plus ASI[i] ('bubbly'; the province of Asti in Italy produces various wines, but is best known for the sparkling Asti Spumante, which is officially known by the DOCG appellation Asti). 'From' does not seem to belong to the definition.