A recent study conducted by London-based estate agent, Benham and Reeves, has disclosed that property prices in the vicinity of London’s royal parks are 85% higher than the city’s average, with buyers required to pay an additional £452,000 for a royal park adjacent property. The study analysed house prices in the postcodes bordering the 10 royal parks in London and compared them to the average cost of purchasing a property in the wider boroughs.
The findings indicate that properties surrounding a royal London park are valued at an average of £984,212, which is £452,000 more than the average London house price of £532,212. Kensington Gardens holds the top spot for the highest house prices near a royal park, with bordering postcodes averaging £1.532 million.
Green Park (£1.352 million) and Hyde Park (£1.336 million) not only rank among the top three most expensive royal parks in terms of outright house prices, but they also have the highest royal park house price premiums compared to the wider area. Green Park in Westminster leads the list with a 40% premium, while Hyde Park follows closely behind with a 38% premium.
Kensington Gardens (36%), St James’s Park (17%), and Victoria Tower Gardens (17%) are also among the most expensive royal parks to purchase a property in when compared to the wider cost of homeownership in the surrounding boroughs.
Two royal parks, however, offer relative affordability compared to the wider areas in which they are located. A home around Busy Park in Richmond is -19% cheaper than the wider borough of Richmond, averaging £612,492. Homes near Brompton Cemetery, while still expensive at £996,266 on average, are marginally -1% more affordable than the wider boroughs of Kensington and Chelsea, and Hammersmith and Fulham.
Marc von Grundherr, Director of Benham and Reeves, said: “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.” He further explained that the capital’s homebuyers are willing to pay extra for easy access to nature and an escape from the city, with the added prestige of a royal title resulting in a considerable premium for properties near London’s royal parks.
