Which London monument offers the highest real estate price premium?
From Buckingham Palace to Big Ben there are many world famous landmarks in our capital and whether steeped in history like St Paul’s Cathedral or relatively modern like the London Eye, living nearby can get pretty expensive.
Recently published research by Benham and Reeves, a London rental and real estate agent, revealed how much it costs to buy property near the capital’s most famous landmarks.
The company analyzed house price data across postcodes home to 15 of London’s most well-known locations including Cutty Sark, Tower Bridge, Trafalgar Square and The Shard to name a few and found that on average house prices around these 15 famous places at £ 1.3million, 159% higher than the current London average of £ 500,310.
However, the crown jewel of the capital is the Royal Albert Hall. Property prices around the Royal Albert Hall average £ 3.1million, 524% above the London average, making it by far London’s most expensive landmark in the world. real estate perspective.
On the heels of the Royal Albert Hall is Piccadilly Circus, where London homebuyers would have to spend an average of £ 2million to live within reach of its famous lights. Westminster Abbey also occupies a high place with an average price of £ 1.9million, as well as Trafalgar Square where prices are slightly more affordable at £ 1.5million.
A property purchase near the Shard (£ 1.4m), Globe Theater (£ 1.4m), Big Ben (£ 1.3m), Buckingham Palace (£ 1.3m) and the Tower of London (£ 1.1m) will also require a budget of over £ 1m.
The Cutty Sark presents the most affordable foot on the iconic London real estate scale, with an average price of £ 581,872, with the neighboring Royal Observatory also offering a relatively affordable option at £ 625,030. That said, both will still cost you between 16% and 25% more than the London average.
The British Museum (£ 749k), St Paul’s Cathedral (£ 793), Tower Bridge (£ 838) and the London Eye (£ 961k) are the only other landmarks in London where the average property price is in below £ 1million.
Marc von Grundherr, director of Benham and Reeves, commented: “Given that the majority of London’s most famous landmarks are located in some of the capital’s most prestigious areas, it’s no surprise that property prices command a noticeable premium.
“A real estate purchase in the upper levels of the London market is all about status and what better way to strengthen that status by purchasing a home with the Royal Albert Hall or Big Ben on your doorstep.
“These famous landmarks can almost serve as an extra draw in the same way as a good transport link or a school and the houses around them are especially popular with overseas buyers keen to secure a real slice of the London lifestyle.”