0

New research has found that homes surrounding London’s royal parks command an average house price premium of 30% when compared to the wider boroughs they are located within.

Henry Dannell analysed current property market values in postcodes with access to one the capital’s royal parks before looking at how this cost differed to that of the wider borough.

The research shows that on average, royal park house prices sit just shy of £1.2m, while the average property value across their wider respective boroughs is £900,000.

LIS Show – MPU

This means that a royal park side property will set you back an additional £270,000; a premium of 30%.

The Royal park that commands the largest premium is Green Park, situated right next to Buckingham Palace, it straddles both the W1A and W1J postcodes.

The average property price across these postcodes is a hefty £1.7m while the average cost of buying within the wider borough of Westminster is £979,000.

Green Park’s property price premium is, therefore, an impressive 77%, or £753,000.

Hyde Park is also located in Westminster and sits across four different postcode areas – W1K, W2, SW1X and SW7.

The average cost of a property within these postcodes is currently £1.5m. This means a Hyde Park property will cost you 60% more compared to the wider borough, a £586,000 mark up.

Two more Westminster-based Royal parks come next. St. James’s Park and Victoria Tower Gardens, both of which are home to an average property value of over £1.4m, 46% more than the wider borough average.

Greenwich Park’s flies the royal park flag outside of prime central London, with surrounding properties commanding a 32% premium, followed by Kensington Gardens (31%), Regent’s Park (8%) and Brompton Cemetery in Richmond (2%),

However, there are two royal parks with postcodes that boast a lower house price than the wider borough. With house prices averaging £745,000, Richmond Park comes in -2% below the wider cost of buying in Richmond.

By far the most affordable Royal park to live near is Bushy Park, also in the borough of Richmond, with surrounding homes commanding £615,000 on average, 19% more affordable.

Director Geoff Garrett of Henry Dannell, the leading specialist in bespoke mortgage solutions, commented:

“Much has been made about the exodus of homebuyers leaving London for greener pastures in quaint countryside locations, but the capital boasts some outstanding green spaces in its own right and its royal parks form a significant portion of this.

Unfortunately, a royal park adjacent property is likely to cost you a fair bit more and this price premium is only likely to grow in the wake of pandemic lockdown restrictions.

The fact that many of London’s royal parks are also located in prime locations means that not only will you pay a premium, but the cost of buying is already extremely high.”

Table shows the house price premium attached to London’s royal parks based on the outcodes in which they are located versus the wider borough.
Location Outcode(s) London borough(s) Outcode – ave price London borough – ave price Premium £ Premium %
The Green Park SW1A/W1J Westminster £1,731,913 £978,912 £753,001 77%
Hyde park W1K/W2/SW1X / SW7 Westminster £1,564,808 £978,912 £585,896 60%
St James’s Park SW1A / SW1E / SW1H / SW1Y Westminster £1,429,598 £978,912 £450,686 46%
Victoria Tower Gardens SW1P Westminster £1,429,598 £978,912 £450,686 46%
Greenwich Park SE3 / SE10 Greenwich £563,493 £426,728 £136,765 32%
Kensington Gardens W2 / W8/SW7 Westminster / Kensington and Chelsea £1,491,743 £1,135,005 £356,739 31%
The Regent’s Park and Primrose Hill NW1 / NW8 Westminster / Camden £1,048,689 £970,112 £78,577 8%
Brompton Cemetery SW5 / SW6 / SW10 Kensington and Chelsea / Hammersmith and Fulham £1,050,981 £1,029,004 £21,977 2%
Richmond Park TW10 / KT2 / SW14/SW15 Richmond upon Thames £745,231 £758,967 -£13,736 -2%
Bushy Park TW11/TW12/ KT1 / KT7 / KT8 Richmond upon Thames £614,549 £758,967 -£144,418 -19%
Average £1,167,060 £899,443 £267,617 30%

Royal Parks information sources from RoyalParks.org.uk
Average house price data sourced from Gov.uk: House Price Index, and PropertyData.

SUBSCRIBE
Subscribe to our weekly newsletter
Stay informed with our leading property sector news, delivered free to your inbox. 
Subscribe
Your information will be used to subscribe you to our newsletter and send you relevant email communications. View our Privacy Policy
Property Notify
Property Notify is a leading property sector publisher reporting on breaking news and political changes affecting the UK property industry, in addition to finance, tax and investment coverage we provide a hub to explore, contribute, invest in and celebrate the property industry. - Read more.

    One in Five Britons Plans to Buy a Property in 2022

    Previous article

    Section 21 Evictions Further Abolished in Government Levelling Up White Paper Set to Transform UK

    Next article

    You may also like

    Comments

    Leave a reply

    Your email address will not be published. Required fields are marked *