New research has found that buyers hoping to live near one of London’s royal parks have to pay a hefty premium – 86% more than the average cost of a home in the capital.
Jefferies London analysed the average cost of purchasing a property within postcodes bordering each of London’s royal parks, before comparing this to the average house price within each respective borough/s.
Across all royal park postcodes analysed, the average house price sits at £1,051,765.
When compared to the current average London house price of £565,637, this means buyers are paying a 85.9% premium, for the benefit of immediate access to the capital’s most prestigious green spaces.
The highest premiums are seen around Green Park, where average property prices within bordering postcodes come in at £1,637,081. That’s 72.9%, or £690,158, more than the wider average in the borough of Westminster.
Hyde Park and St James’s 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’s Park and Primrose Hill areas sit at 18.5% above their respective borough averages.
The good news is that not all royal park postcodes come with a premium price tag. Greenwich Park commands a modest 4.4% premium (£20,729), 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.
This data underscores the strong price premium that London buyers are willing to pay for proximity to the city’s most iconic green spaces – particularly in the prime central boroughs.
A spokesperson for Jefferies London comments: “Proximity to these iconic locations continues to carry serious cachet and commands a notable premium, particularly across the capital’s 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.
“As is often the case with the London property market, those who can’t afford to pay such premiums can look at alternative options in order to find relative affordability, whilst still benefitting from living within arm’s reach of an outstanding green space.”
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