Wednesday, October 20, 2021
Real EstateUK

Living on U.K.’s iconic streets comes with sizable premium

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The upcharge is costliest in York, where a home on the Shambles costs a 958% more than a property in the local area, a report from Bankrate said

Homebuyers in the U.K. who want the prestige of an iconic address can expect to have to pay big for the privilege.

According to a report from Bankrate, a property on any of the country’s most renowned streets—from Oxford Street in London to Penny Lane in Liverpool—comes with a sizable premium, much more than other areas across the country.

The upcharge is costliest in York, where a home on the Shambles costs a whopping 958% more than a property in the local area, the online mortgage-comparison provider said Monday.

The narrow thoroughfare in the centre of the historic city is flanked with timber-framed buildings and is one of the best-preserved medieval streets in the world. While the average price of a home on the Shambles currently stands at £3.1 million (US$4.28 million), the average price of a home in York is £295,339.

London’s famous Oxford Street is the second most expensive place to buy a house, with the shopping attraction commanding a 374% property price premium.

The average house price for Oxford Street is £6.2 million, the most expensive of all the streets that we looked at, in comparison to the average house price for the area of £1.3 million, the report said.

Bath’s historic Queen Square is revealed as the third most expensive place.

Every building on the Georgian-era enclave is Grade-I listed, the rarest of England’s historic building categories and a distinction that marks the homes as being of “exceptional interest.”

The average house price in Queen Square is £1.8 million, 318% more than the average property price of £434,665 in Bath.

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