Halifax reports £41k premium to live near stately home

Halifax reports £41k premium to live near stately home

Buying a house close to one of Britain’s many stately homes can cost, on average, £41,000 more than in neighbouring areas, according to the latest research from Halifax.

The average house price in an area with a stately home was £319,203 in May 2015, compared with an average of £277,990 in the counties with stately homes in the survey – a premium of £41,213 (15 per cent).

House prices command a premium relative to the surrounding area in 54 of the 71 stately homes covered in this survey.

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Homes close to Kenwood House in Hampstead Heath currently command the highest premium of £770,023 (120 per cent) in cash terms, followed by Ham House in Richmond upon Thames (£513,918 or 116 per cent) and Ightham Mote in Sevenoaks (£231,230 or 82 per cent).

Outside southern England the areas with stately homes commanding the highest premiums are Tabley House, Tatton Park and Peover Hall and Gardens – all in Knutsford in Cheshire – with an average house price premium of £181,517 (83 per cent).

In all, there are fourteen areas with stately homes where properties trade at an average premium of at least £150,000.

They include Winterbourne House and Garden in the Edgbaston area of Birmingham (£162,551 or 91 per cent), Highclere Castle (setting of the TV drama Downton Abbey) in Newbury (£155,532 or 44 per cent) and Chatsworth House in Bakewell (£154,063 or 89 per cent).

In cash terms, the average price growth of £89,506 in areas with stately homes is more than twice the national increase of £39,311 (22 per cent), which has grown from £178,016 to £217,328 in 2015.

However, there are 17 areas with stately homes where properties trade at a discount to neighbouring areas.

The largest discount compared to average house prices is around Wimpole Hall in Royston, where prices are typically around £50,000 (minus 13 per cent) less than in the county of Hertfordshire.

This is followed by Saltram House in Plymouth (£40,903 or 18 per cent less), and Osborne House on the Isle of Wight (£32,071 or 16 per cent less), which was once a Royal residence until the death of Queen Victoria there in 1901.

Martin Ellis, housing economist at Halifax, said: “Stately homes are not only attractive place to visit but, as our research shows, desirable places to live near to.

“Since 2005 the average house price growth in areas close to stately homes has been more than double the national figure. It can cost home buyers, on average, £41,000 extra to live nearby to a stately home compared to neighbouring areas.”