25% of first-time buyers move to live near Queen-owned properties
Pic: Houses near Kensington Palace cost more than the UK average. Credit: Jack Taylor/Getty Images
New research has shown that a quarter of adults in the UK would buy a house in an area close to a royal residence.
A survey by specialist lender Together shows potential buyers would consider paying up to £9,070 above the asking price for a house to live in a borough close to Royal-owned property.
The current average UK house price is now around £278,000, £24,000 higher than it was in March 2021, but the average price for a typical residential property near the he top five royal properties cost up to £1,982,723 more than the UK average.
For example, house prices in Kensington and Chelsea near Kensington Palace currently average around £2,260,723.00, while properties closer to Sandringham Estate or Balmoral Castle are closer to the UK average, a difference of £12,841 and £3,414 respectively.
The survey results, released for the first time today ahead of the Queen’s Platinum Jubilee on June 2, indicate a growing trend among potential buyers wanting to live close to a Royal-owned property. There are over thirty palaces, castles and country mansions belonging to the royal family in the UK.
Surprisingly, almost half – 49% – of young buyers, aged 18-34, said their buying decision would be influenced by the property’s location near a royal palace. This compares to 26% of people aged 35 to 54 and only 7% of people aged 55 and over.
More than a third (36%) said moving to a royal borough would make them feel safer in the area, 31% thought it would increase the value of their property when selling and 26% thought it would help stimulate the overall financial situation. the value and economic success of the surrounding town.
James Briggs, middle sales manager for personal finance at Together, said: “Our research clearly shows that there is a tendency among buyers, particularly strong among young people, to live in locations specifically close to owned properties. queen and the royal family.
“As we look forward to the Jubilee weekend, this is a positive example of what influences people’s buying decisions – and what they are willing to spend – regardless of the inflated property market that we currently know.
“Brokers may be approached by movers or first-time buyers looking for advice on the financing needed to buy property in these more expensive areas, or who are looking for a property of similar character or history.
“They should feel encouraged by the existence of specialist lenders like Together, with specific mortgage products designed to help them achieve their ambitions.”
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