A study by specialist lender Together reveals that 24% of UK adults are more attracted to properties located near a Royal residence, with potential buyers willing to pay up to £9,070 above the asking price for homes in coveted royal boroughs.
The influx of property interest in the Capital follows Airbnb’s £100 incentive for London homeowners to let out spare rooms over the King’s Coronation weekend.
Surprisingly, 49% of younger buyers (18-34 years old) said their buying decisions would be influenced by proximity to a Royal palace, compared to 26% of those aged 35-54 years old and just 7% of those aged 55 and over.
Scott Clay, head of introducers at Together, commented on the trend: “In the run up to The King’s Coronation, our research highlights an interesting property trend, adding to existing forecasts of significant spikes in tourism and Air BnB bookings in the lead up to the Bank Holiday weekend.”
“Whether inspired by the ceremony and new generation of royals coming to the fore, or with the late Queen in mind, the weekend should result in a much-needed boost for the UK economy and injection of activity within what has been a relatively stagnant property market this year – even if just for the short-term.”
Clay added: “Those looking to purchase a property in these higher priced areas, or looking for a similarly listed or historic character property should feel encouraged that there are specialist lenders like Together, with the specific mortgage products designed to help them achieve their ambitions.”
