Home PropertyRubbing shoulders with the Royals will cost you 87 per cent more

Rubbing shoulders with the Royals will cost you 87 per cent more

by LLP Reporter
7th Jun 19 12:49 pm

The latest research by leading room share platform, ideal flatmate, has looked at the cost of renting in areas home to a royal residence and where you can rent like a royal for the most affordable price.

Ideal flatmate looked at the average monthly rental cost in areas with a royal residence and compared this cost to the average monthly rental cost in the wider region.

On average, areas home to one of these royal residences are home to an average monthly rental cost of ยฃ1,262. With the average UK rent at ยฃ676 a month, thatโ€™s a difference of 87%!

This disparity is unsurprisingly driven largely by the properties in London, with Kensington Palace home to a rental cost 89% higher than the London average. St Jamesโ€™s Palace, Clarence House and Buckingham Palace, all of which are located in Westminster, are home to an average rental cost of ยฃ2,709 a month, 61% higher than the UK average.

Thatched House Lodge in Richmond offers the lowest difference for those looking to rent within close proximity to a royal within the capital, with the average monthly rent just 19% higher than London as a whole at ยฃ2,000.

But itโ€™s not all bad news.

Living near Sandringham House and Anmer Hall, both located in Kingโ€™s Lynn and West Norfolk, would allow you to rent for an average monthly cost of ยฃ645. This is -25% cheaper than the average cost of renting in the East of England as a whole and the most affordable royal rental spot for the everyday tenant and/or royal fanatic.

Renting around Llwynywermod, the royal residence in Carmarthenshire would cost you an average of just ยฃ458, -11% cheaper than the average rent across Wales as a whole.

Opting to rent near Gatcombe Park in Stroud would save you -4% when compared to the average for the South West and renting within close proximity to Balmoral Castle or Birkhall offers a -1% saving.

Co-founder of ideal flatmate, Tom Gatzen said, โ€œI donโ€™t think anyone would expect the royal family to be either residing or holidaying in anything other than the more prestigious parts of the nation and thereโ€™s no doubt that the properties themselves are on another level compared to the average rental listing on the market.

“But it does go to show the trickle-down effect that can occur within the rental market whereby the mere presence of royal residence within the vicinity can result in a rental price premium.

“Weโ€™ve seen similar trends when it comes to celebrities or an areas wider image as the place to be seen, and all of these image-based influences can contribute to yet further price inflation in an already rather unaffordable UK rental market.โ€

Residence Location Type Average Rent Region Region Rent Difference
Sandringham House & Anmer Hall Kingโ€™s Lynn and West Norfolk Private ยฃ645 East of England ยฃ859 -25%
Llwynywermod Carmarthenshire Duchy of Cornwall ยฃ458 Wales ยฃ515 -11%
Gatcombe Park Stroud Private ยฃ765 South West ยฃ796 -4%
Balmoral Castle & Birkhall Aberdeenshire Private ยฃ723 Scotland ยฃ732 -1%
Tamarisk Isles of Scilly Duchy of Cornwall ยฃ808 South West ยฃ796 2%
Hillsborough Castle Lisburn and Castlereagh Crown ยฃ634 Northern Ireland ยฃ612 4%
Bagshot Park Surrey Heath Crown ยฃ1,120 South East ยฃ984 14%
Highgrove House Cotswold Duchy of Cornwall ยฃ948 South West ยฃ796 19%
Thatched House Lodge Richmond upon Thames Crown ยฃ2,000 London ยฃ1,679 19%
Windsor Castle & The Royal Lodge Windsor and Maidenhead Crown ยฃ1,356 South East ยฃ984 38%
Palace of Holyroodhouse Edinburgh Crown ยฃ1,068 Scotland ยฃ732 46%
Buckingham Palace, St James’s Palace & Clarence House City of Westminster Crown ยฃ2,709 London ยฃ1,679 61%
Kensington Palace Kensington and Chelsea Crown ยฃ3,173 London ยฃ1,679 89%
Average ยฃ1,262 UK ยฃ676 87%

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