Buyers seek out Royal Boroughs as Coronation nears
Research by Opinium reveals one in four adults’ desire to live near a Royal property is driving buying decisions and would consider paying nearly £10,000 above the asking price.
The desire to live near Royal residences is growing with would-be buyers willing to cough up nearly £10,000 over the asking price to live close by to a palace.
Ahead of the Coronation this weekend research by Opinium reveals one in four (24%) adults’ desire to live near a Royal property is driving buying decisions.
Even with the current average UK house price now at £288,000 – £16,000 higher than 12 months ago – buyers would still consider paying as much as £9,070 above the asking price to guarantee living in a coveted royal borough.
TOP FIVE
Rightmove data shows that the average price for a typical residential property near Kensington Palace (main picture) – one of the top five best known Royal properties – costs as much as £2,139,409 more than the UK average.
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.
Over a third (36%) said moving to a Royal borough would make them feel safe living in the area with three in 10 (31%) believing it would increase the value of their property when they came to sell with one in four (26%) thinking it would help boost the overall financial value and economic success of the surrounding town.
IMPRESS
However, nearly a quarter (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 specialist lender Together, which commissioned the research, says: “In the run up to The King’s Coronation, our research highlights an interesting property trend.
“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.
“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 to help them achieve their ambitions.”
