The latest research by London lettings and estate agent, Benham and Reeves, has revealed that properties surrounding the capital’s royal parks command an 85% house price premium, meaning buyers with hopes of a royal park adjacent property will need to spend £452,000 more compared to the average London home.
Benham and Reeves analysed house prices in the postcodes bordering London’s 10 royal parks and how they compare to average cost of purchasing a property within the wider boroughs in which they are located.
The research shows that, on average, a property surrounding a royal London park currently commands £984,212 on average. That’s 85% or £452,000 more than the current average London house price of £532,212.
In terms of the highest house prices found around a royal park, Kensington Gardens ranks top, with the average house price in postcodes to border Kensington Gardens coming in at just over £1.532m.
Green Park (£1.352m) and Hyde Park (£1.336m) not only rank within the top three most expensive royal parks where outright house price is concerned, but they also account for the highest royal park house price premiums when compared to the wider area.
The highest royal park house price premiums are found around Westminster’s Green Park, with the average cost of a home across the SW1A and W1J postcodes coming in at just over £1.352m. 40% higher than the average of £968,017 found across the borough of Westminster.
Hyde Park also ranks high in this respect, with homes surrounding it costing 38% more than the wider borough of Westminster, averaging £1.336m in the current market.
Kensington Gardens (36%), St James’s Park (17%) and Victoria Tower Gardens (17%) also rank as some of the most expensive royal parks around which to purchase a property when compared to the wider cost of homeownership in the surrounding boroughs.
There are two royal parks that offer relative affordability when compared to the wider areas in which they are located though.
A home around Busy Park in Richmond will set you back £612,492 on average in today’s market, -19% cheaper than the average of £760,775 found across the wider borough of Richmond.
While homes surrounding Brompton Cemetery are far from affordable at an average of £996,266, they are a marginal -1% more affordable compared to the wider boroughs of Kensington and Chelsea and Hammersmith and Fulham.
“The presence of green space is always sure to push up the price of properties within close proximity and nowhere more so than in London where it’s an understandably hot commodity.
As a result, the capital’s homebuyers are happy to pay above the odds to ensure they have easy access to an area offering an escape to nature away from the hustle and bustle of the city where they can relax, especially when the sun is shining.
When you combine this allure with the additional prestige or a royal title, the result is quite a hefty premium if you plan to purchase a home around one of London’s royal parks.”
|Table shows the average price of property across postcodes bordering a royal park and how this compares to the wider average cost of the boroughs in which they are located|
|Location||Outcode(s)||London borough(s)||Average Borough(s) House Price||Royal Park House Price||Premium £||Premium %|
|The Green Park||SW1A / W1J||Westminster||£968,017||£1,351,841||£383,823||40%|
|Hyde park||W1K / W2 / SW1X / SW7||Westminster||£968,017||£1,335,579||£367,562||38%|
|Kensington Gardens||W2 / W8 / SW7||Westminster / Kensington and Chelsea||£1,129,859||£1,532,555||£402,695||36%|
|Greenwich Park||SE3 / SE10||Greenwich||£446,652||£551,660||£105,008||24%|
|St James’s Park||SW1A / SW1E / SW1H / SW1Y||Westminster||£968,017||£1,130,451||£162,434||17%|
|Victoria Tower Gardens||SW1P||Westminster||£968,017||£1,130,451||£162,434||17%|
|Richmond Park||TW10 / KT2 / SW14 / SW15||Richmond upon Thames||£760,775||£782,922||£22,147||3%|
|The Regent’s Park and Primrose Hill||NW1 / NW8||Westminster / Camden||£906,123||£915,184||£9,060||1%|
|Brompton Cemetery||SW5 / SW6 / SW10||Kensington and Chelsea / Hammersmith and Fulham||£1,005,041||£996,266||-£8,775||-1%|
|Bushy Park||TW11 / TW12 / KT1 / KT7 / KT8||Richmond upon Thames||£760,775||£612,492||-£148,283||-19%|
|London Average and royal park average house price||£532,212||£984,212||£452,000||85%|
Postcode house price data sourced from PropertyData with an average taken across multiple postcodes where necessary
Wider London Borough house price data sourced from the Gov UK House Price Index with an average taken across multiple boroughs where necessary
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