Photo by Benjamin Elliott on Unsplash
If your house is located on a street which includes the word ‘Royal’, then you might be in luck if you decide to sell your property.
Homes have an average house price which is 24% higher than the typical property value if they are situated in a street with ‘Royal’ in its name, according to analysis.
To celebrate King Charles’ Coronation, estate agent Savills used Land Registry data to reveal how homes situated in streets with names bearing a royal theme compare with the average house price of £332,000 across England and Wales.
Their analysis of house sales found that those which have the word ‘Royal’ in their street moniker have a particularly high selling price, of £412,445.
Other royal-sounding street names also benefit from a higher sale price, with ‘King’ streets reaching £22,000 above average at £354,922 for England and Wales.
However, ‘Crown’ and ‘Windsor’ streets didn’t fare so well, with average sale prices coming in at £330,662 and £295,531 respectively, according to Savills data.
Savills looked at average selling prices between 2000 and 2022 to make the findings, and streets with fewer than ten sales over the past two decades were excluded from the study.
Frances McDonald, Director of Residential Research at Savills, said: “The priciest streets with royal connections are primarily located in London and the Southeast, which is home to several royal residences.”
“The pandemic-fuelled ‘mini housing market boom’ has only just put prices back to where they were in the third quarter of 2007 on an inflation-adjusted basis.
“Now, with inflation reducing household disposable income and interest rates on the rise, we expect the Carolean era to get off to a slower start.
“On the assumption that interest rates gradually ease back from the middle of 2024, Savills is forecasting that values will begin to recover and that the average UK house price will rise by a net figure of 6% in nominal terms over the next five years, with a reversion to longer-term annual house price growth trends thereafter.”
In comparison, the average house price when the late Queen Elizabeth came to the throne in 1952, was just under £2,000, or around £56,000 in today’s money.
