Thursday, July 7, 2022
UK

Demand grows for homes near royal properties

royal properties

The average price for a typical residential property near one of the top five best known Royal properties costs as much as $2,502,206 more than the UK average, according to the latest study

A quarter of UK adults would buy in an area near a Royal residence, with safety and price appreciation cited as two of the main reasons, according to the results of a new survey by specialist lender Together.

While the current average UK house price is now as much as £278,000 ($350,837) – a significant £24,000 ($30,288) higher than it was in March 2021 – potential buyers would still consider paying as much as £9,070 ($11,446) above the asking price to guarantee living in a borough close to a Royal owned property.

The average price for a typical residential property near one of the top five best known Royal properties costs as much as £1,982,723 ($2,502,206) more than the UK average, according to the latest study.

For example, house prices in Kensington and Chelsea, near Kensington Palace, currently average around £2,260,723 ($2,853,043), while properties closer to either Sandringham Estate or Balmoral Castle sit closer to the UK average – a £12,841 ($16,205) and £3,414 ($4,308) difference respectively.

Surprisingly, nearly half – 49% – of younger buyers, aged 18-34 years old, said their buying decision would be influenced by the property’s location near a Royal palace. This compares to 26% of those aged 35 to 54 years old and just 7% of those aged 55 and over.

36% said moving to a Royal borough would make them feel safe living in the area, 31% believed it would increase the value of their property when they came to sell and 26% thought it would help boost the overall financial value and economic success of the surrounding town.

James Briggs, Head of Intermediary Sales for Personal Finance at Together, said: Our research clearly shows there is a trend in buyers, interestingly strongest amongst younger people, to live in locations specifically close to properties owned by The Queen and Royal family. As we look forward to the Jubilee weekend, this is a positive example of what influences people’s buying decisions – and what they’re willing to spend – regardless of the inflated property market, we’re experiencing currently.

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