Halifax reveals "halo effect" worth GBP41,000 for property near a stately home.
M2 EQUITYBITES-September 21, 2015-Halifax reveals "halo effect" worth GBP41,000 for property near a stately home
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Part of the British government backed financial services provider Lloyds Banking Group (LSE:LLOY) Halifax on Friday revealed research which indicates that buying a house close to one of Britain's stately homes can cost an average of GBP41,000 more than neighbouring areas.
According to research by Halifax, house prices around stately homes grew by GBP746 per month over the last ten years. The average house price in an area with a stately home was GBP319,203 in May this year compared to an average of GBP277,990 in the counties without, a premium of 15% or GBP41,213.
Halifax revealed that 76% of postal areas with stately homes have higher house prices than neighbouring locations with a premium being comanded in 54 of the 71 stately homes covered in this survey. Homes close to Kenwood House in Hampstead Heath currently have the higest premium of GBP770,023 in cash terms, followed by Ham House in Richmond upon Thames at GBP513,918 and Ightham Mote in Sevenoaks at GBP231,230.
However the report revealed that there are 17 areas with stately homes which trade at a discount to neighbouring areas, which include Wimpole Hall in Royston, with prices typically GBP50,000 less than in the county of Hertfordshire; Saltram House in Plymouth with a GBP40,903 discount; and Osborne House on the Isle of Wight, which has a GBP32,071 discount.
Housing economist at Halifax, Martin Ellis, 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, GBP41,000 extra to live nearby to a stately home compared to neighbouring areas."
(EUR1 = GBP0.73)
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|Publication:||M2 EquityBites (EQB)|
|Date:||Sep 21, 2015|
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