New research by London lettings and estate agent Benham and Reeves has found that properties adjacent to the capital’s royal parks command an 85% house price premium, or £452,000 more than the average London home.
The study analysed house prices in postcodes bordering London’s 10 royal parks and compared them to the average cost of purchasing a property within the wider boroughs where they are located.
The findings revealed that the average price of a property surrounding a royal London park is £984,212, 85% or £452,000 more than the current average London house price of £532,212.
Kensington Gardens ranked highest in terms of house prices, with an average price of just over £1.532m for properties bordering the park.
Green Park (£1.352m) and Hyde Park (£1.336m) were among the most expensive royal parks, accounting for the highest house price premiums compared to the wider areas.
The highest royal park house price premiums were found around Westminster’s Green Park, at 40% higher than the borough’s average of £968,017.
Only two royal parks, Busy Park in Richmond and Brompton Cemetery, offered relative affordability compared to the wider areas where they are located.
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.
“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.”
