Property prices near Royal parks in London
The recent data by Henry Dannel reveals an average price increase of 30% for properties near Royal parks in London against the wider boroughs.
Henry Dannel analysed the current house prices in London postcodes sitting nearby the Royal parks and revealed how the prices differ from the properties in the wider boroughs.
An average royal park home costs some £1.2m, while the prices in the surrounding areas reach £900k. The figures mean a price premium of 30% for royal park properties.
Best performing postcodes in London
Green Park in W1A and W1J, sitting next to Buckingham Palace, ranked first regarding the most significant price premiums for royal park properties. On average, buyers get homes in these postcodes for £1.7m, while new homes in Westminster costs £979k. It means Green Park’s premium is as high as 77%, or £753k.
Next is Hyde Park, also sitting in Westminster. It lays across several postcodes, including W2 and SW7, and commands a property price premium of 60%. On average, property here costs £1.5m, which means a £586k markup.
St. James’s Park and Victoria Tower Gardens, likewise located in Westminster, take third place with the average prices sitting at £1.4m and the price premium of 46%. Greenwich Park (32%), Kensington Gardens (31%), and Regent's Park (8%) also ranked high in terms of higher property prices.
On the other side of the league table are Richmond Park and Bushy Park. Properties near these Royal parks come 2% and 19% cheaper when compared with the other new homes in Richmond, West London.
Property professional at Henry Dannell adds
Geoff Garrett mentions the homebuyers leaving London in search of countryside destinations but points out the greenery and appeal of London Royal Parks. Such properties cost more, and this markup might grow because of the pandemic.
Moreover, such properties often sit in the Prime London locations, meaning that the overall costs of buying new homes are high.
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