New research has found that buyers hoping to live near one of London\u2019s royal parks have to pay a hefty premium \u2013 86% more than the average cost of a home in the capital.<\/p>\n
Jefferies London analysed the average cost of purchasing a property within postcodes bordering each of London\u2019s royal parks, before comparing this to the average house price within each respective borough\/s.<\/p>\n
Across all royal park postcodes analysed, the average house price sits at \u00a31,051,765.<\/p>\n
When compared to the current average London house price of \u00a3565,637, this means buyers are paying a 85.9% premium, for the benefit of immediate access to the capital\u2019s most prestigious green spaces.<\/p>\n
The highest premiums are seen around Green Park, where average property prices within bordering postcodes come in at \u00a31,637,081. That\u2019s 72.9%, or \u00a3690,158, more than the wider average in the borough of Westminster.<\/p>\n
Hyde Park and St James\u2019s Park both command significant premiums too, with homes surrounding them selling for 58.0% and 51.2% more respectively than the borough average. Kensington Gardens follows closely behind with a 30.7% premium, while The Regent\u2019s Park and Primrose Hill areas sit at 18.5% above their respective borough averages.<\/p>\n
The good news is that not all royal park postcodes come with a premium price tag. Greenwich Park commands a modest 4.4% premium (\u00a320,729), while Brompton Cemetery and Richmond Park actually sit below their borough averages, by -1.6% and -6.7% respectively. Bushy Park offers the greatest relative affordability, with homes surrounding it coming in -23.0% below the wider Richmond upon Thames average.<\/p>\n
This data underscores the strong price premium that London buyers are willing to pay for proximity to the city\u2019s most iconic green spaces \u2013 particularly in the prime central boroughs.<\/p>\n
A spokesperson for Jefferies London comments: \u201cProximity to these iconic locations continues to carry serious cachet and commands a notable premium, particularly across the capital\u2019s most prestigious postcodes. Even in areas where the park-side premium is less pronounced, buyers still see tremendous value in the lifestyle and prestige that comes with it.<\/p>\n
\u201cAs is often the case with the London property market, those who can\u2019t afford to pay such premiums can look at alternative options in order to find relative affordability, whilst still benefitting from living within arm\u2019s reach of an outstanding green space.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"New research has found that buyers hoping to live near one of London\u2019s royal parks have to pay…\n","protected":false},"author":2,"featured_media":305320,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7757],"tags":[748,393,4884,257,16,40170,15],"class_list":{"0":"post-305319","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-britain","9":"tag-england","10":"tag-great-britain","11":"tag-london","12":"tag-uk","13":"tag-uk-property-market-analysis","14":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114945164903050171","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/305319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=305319"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/305319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/305320"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=305319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=305319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=305319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}