In a Strong London Sales Market, Buyers Pay a Premium to Live Near a Palace
3 June 2022
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London buyers hoping to snap up a property with views of Queen Elizabeth II’s Jubilee celebrations should prepare to pay a premium.
Sales prices in prime London rose 5.8% year-over-year in May, up to an average of £523,666 (US$654,210), according to a report released Friday by property data network LonRes. For a home in proximity to one of the capital’s numerous palaces, however, prices are significantly steeper.
“Living close to a palace in London is, unsurprisingly, expensive,” LonRes managing director Anthony Payne wrote in the report. “That said, the cost of living close to a palace varies significantly depending on the palace of choice.”