"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"
Benham and Reeves analysed house prices in the postcodes bordering London’s 10 royal parks and how they compare to the 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.
Director of Benham and Reeves, Marc von Grundherr, commented:
“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.”