"Whether inspired by the ceremony and new generation of royals coming to the fore, or with the late Queen in mind, the weekend should result in a much-needed boost for the UK economy and injection of activity within what has been a relatively stagnant property market this year – even if just for the short-term"
A Royal Premium
Whether simply wanting to guarantee local accommodation for the King’s Coronation via Airbnb, or purchasing a forever home in a royal borough, there appears to be an influx in regal property interest across the Capital.
According to research from specialist mortgage provider, Together, even with the current average UK house price now at £288,000 – £16,000 higher than 12 months ago – potential buyers would still consider paying as much as £9,070 above the asking price to guarantee living in a coveted royal borough.
Looking at current house prices, the average price for a typical residential property near Kensington Palace – one of the top five best known Royal properties - costs as much as £2,139,409 more than the UK average, according to the latest study.
For example, house prices in Kensington and Chelsea, near Kensington Palace, currently average around £2,427,4093 while properties closer to Sandringham Estate sit closer to the UK average and those near Balmoral Castle are less.
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.
However, 23% admitted the main reason for wanting to buy and live near a Royal property would purely be to tell people, with 18% believing doing this would impress their friends and family.
Scott Clay, Head of Introducers at Together, said: “In the run-up to The King’s Coronation, our research highlights an interesting property trend, adding to existing forecasts of significant spikes in tourism and Air BnB bookings in the lead-up to the Bank Holiday weekend.
“Whether inspired by the ceremony and new generation of royals coming to the fore or with the late Queen in mind, the weekend should result in a much-needed boost for the UK economy and injection of activity within what has been a relatively stagnant property market this year – even if just for the short-term.
“Those looking to purchase a property in these higher priced areas, or looking for a similarly listed or historic character property should feel encouraged that there are specialist lenders like Together, with the specific mortgage products designed to help them achieve their ambitions.”
