Home News In a Strong London Sales Market, Buyers Pay a Premium to Live Near a Palace

In a Strong London Sales Market, Buyers Pay a Premium to Live Near a Palace

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London buyers who want to get their property while admiring the festive views of Queen Elizabeth II’s Jubilee need to be prepared to pay their insurance premiums.

Prime London sales prices rose 5.8% year-on-year in May, averaging £ 523,666 (US $ 654,210), according to a report released Friday by real estate data network LonRes. However, for a house close to one of the many palaces in the capital, the price will be significantly higher.

more: A British property with a racing stable, once owned by Queen Elizabeth II, is listed for £ 69.75 million.

“Living near a palace in London is, of course, expensive,” LonRes Managing Director Anthony Payne wrote in a report. “However, the cost of living near a palace varies greatly depending on the palace you choose.”

The average price of homes near Kensington Palace reached £ 3.2 million in May, and the average price of SW1 including Buckingham Palace, Palace of Westminster and St. James’s Palace reached £ 2.6 million.

“The highest price to be paid is for a house close to where the royal family lives today,” says Payne. “The area around the Tower of London, where many aristocrats died prematurely, has ordered the lowest average real estate prices.”

more: Elizabethan Mansion Connected to Prince Charles’ Royal Estate List for £ 4 Million

The average price of a property near the Tower of London was £ 908,600, while an average of a house near the Archbishop of Canterbury’s London residence, Lambeth Palace, was £ 1.02 million and an average of a property near Hampton Court Palace was £ 1.6 million. did. , The former home of Henry VIII.

The London market as a whole continues to show signs of recovery, with prices rising 0.2% above the pre-pandemic average and new listings rising 2.9% from pre-pandemic levels.

Sales activity in May fell slightly year-on-year, but the end of the luxury home market was relatively strong, with home sales declining slightly above £ 2m and above £ 5m. increase. Sales of low-priced properties plummet.

“During May, London’s major sales markets remained strong,” Payne wrote.

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