This Saturday, 13th June, marks the Queen’s birthday and the latest research by GetAgent.co.uk, has looked at the cost of calling Her Majesty or another member of the Royal Family a neighbour, when it comes to property prices around each of their royal homes.
GetAgent looked at the average cost of buying in each outcode home to a royal residence and how this compares to the wider area in which they are located.
The data shows that the cost of buying next to a royal home comes in at an average of £765,556, 31% more than the wider areas they are located in (£582,647).
Kensington Palace and nearby Ivy Cottage and Wren House, all of which are located on the Kensington Palace estate in the W8 postcode, are home to an average house price of just over £1.9m. Not only are they the most expensive of all royal residences, they come in 37% more than the wider area of Kensington and Chelsea.
Buckingham Palace and neighbouring Clarence House and St James’s Palace are the next priciest royal pads on the list with the SW1 postcode home to an average price of £1,556,988; 43% more than the wider area.
At just over £1m, Thatched House Lodge in Richmond’s TW10 postcode ranks as the next most expensive (£783,199), while living nearby Windsor Castle, Frogmore Cottage and the Royal Lodge in the SL4 postcode will set you back £560,740.
The biggest royal house price premium when compared to the wider area is Carmarthenshire where house prices in the SA20 postcode, where Llwynywermod is located, go for £252,440. That’s 75% more expensive than the wider area of Carmarthenshire.
But there are a few royal homes located in areas with a more affordable price tag when compared to the wider local authority.
Balmoral Castle and neighbouring Craigowan Lodge and Birkhall are all located in the AB35 postcode, home to an average house price of £165,052, -8% more affordable than the wider average for Aberdeenshire.
Purchasing near the Palace of Holyroodhouse in the EH8 postcode will also secure you a royal deal, with an average house price of £216,107, it’s -20% cheaper than Edinburgh as a whole.
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“A royal residence is always going to set you back a fair bit due to the locations in which they are found but the prestige of living a stone’s throw from a Royal seems to bump up the price further still.
So while it will cost you more as a buyer, boasting one of the Royal Family as a neighbour can also be a strong selling point when looking to move and it will certainly help you stand out from the crowd of similar properties in the wider area.”