Newly released research by London lettings and estate agent, Benham and Reeves, has revealed just how much it costs to purchase a property within reach of the capital’s most famous landmarks.
The firm analysed house price data across postcodes home to 15 of London’s best-known locations including the Cutty Sark, Tower Bridge, Trafalgar Square and the Shard to name but a few and found that on average, property prices surrounding these 15 famous locations comes in at a cool £1.3m, 159% higher than the current London average of £500,310.
However, the jewel in the capital’s crown is the Royal Albert Hall. Property prices surrounding the Royal Albert Hall are an eye-watering £3.1m on average, 524% higher than the London average, making it by far the most expensive London landmark from a property standpoint.
Hot on the heels of the Royal Albert Hall is Piccadilly Circus, where London homebuyers would need to fork out an average of £2m to live within reach of its famous lights. Westminster Abbey also ranks high with an average price of £1.9m, along with Trafalgar Square where prices are a slightly more affordable £1.5m.
A property purchase close to the Shard (£1.4m), the Globe Theatre (£1.4m), Big Ben (£1.3m), Buckingham Palace (£1.3m) and the Tower of London (£1.1m) will also require a budget in excess of £1m.
The Cutty Sark presents the most affordable foot on the London landmark property ladder, with an average property price of £581,872, with the neighbouring Royal Observatory also providing a relatively affordable option at £625,030. That said, both will still set you back between 16% and 25% more than the London average.
The British Museum (£749k), St Paul’s Cathedral (£793), Tower Bridge (£838) and the London Eye (£961k) are the only other London landmarks where the average price of property sits below the £1m mark.
Marc von Grundherr, Director of Benham and Reeves, commented: “Given that the majority of London’s most famous landmarks are situated in some of the capital’s more prestigious neighbourhoods, it comes as no surprise that property prices command a notable premium.
"A property purchase in the top tiers of the London market is very much about status and what better way to boost this status by purchasing a home with the likes of the Royal Albert Hall or Big Ben on your doorstep.
"These famous landmarks can almost act as an additional draw in the same way that a good transport link or school might and homes surrounding them are particularly popular amongst foreign buyers keen to secure a true slice of the London lifestyle.”
