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House prices: 24% 'premium' put on value of properties which share common factor

For sale signs

Street names which include a specific word have a higher price tag than a typical property

PA
Georgina Cutler

By Georgina Cutler


Published: 28/04/2023

- 08:13

The average house price on 'premium' streets in the UK boosts values by 24 per cent

Street names which include the word “royal” have a higher price tag than a typical property, a new report has found.

Ahead of the King's Coronation, estate agent Savills compared homes on streets with names bearing a royal theme to the average house price across England and Wales.


The report found that the price of houses which feature the word “royal” in their street name are 24 per cent higher with an average of £412,445, than the typical property value at £332,000.

Streets containing the word “king” also have a typical house price which is above average for England and Wales, at £354,922.

Houses in London

The priciest streets with royal connections are primarily located in London and the South East

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Using Land Registry data, researchers also noted that properties in streets containing the words “crown” or “Windsor” were found to have a typical price below the average house price.

Streets containing the word crown have an average houseprice of £330,662 while those with the word Windsor have an average houseprice of £295,531, according to the research.

Streets with fewer than 10 sales over the past two decades were excluded from the study.

Frances McDonald, director of residential research at Savills, said: “The priciest streets with royal connections are primarily located in London and the South East, which is home to a number of royal residences.”

Savills used the average selling prices between 2000 and 2022 to make the findings.

It said that when the late Queen acceded to the throne in 1952, the average house price was just under £2,000 – or around £56,000 in today’s money.

King Charles' Coronation is set to take place next weekend on Saturday, May 6.

McDonald added: “The pandemic-fuelled ‘mini housing market boom’ has only just put prices back to where they were in (the third quarter of) 2007 on an inflation-adjusted basis.

Union jack flags on a London street

Street names with the name 'royal' have surged in price ahead of King Charles' Coronation

PA

“Now, with inflation reducing household disposable income and interest rates on the rise, we expect the Carolean era to get off to a slower start.

“On the assumption that interest rates gradually ease back from the middle of 2024, Savills is forecasting that values will begin to recover.

"And that the average UK house price will rise by a net figure of 6 per cent in nominal terms over the next five years, with a reversion to longer-term annual house price growth trends thereafter.”