Home Property The London brandmarks where house prices command a 222% premium

The London brandmarks where house prices command a 222% premium

by LLP Finance Reporter
8th Nov 23 12:07 pm

The latest research from London’s largest lettings and sales estate agent, Foxtons, has revealed that when it comes to property values surrounding London’s famous brandmarks, the Royal Albert Hall tops the table with the highest average house price, however, it’s the Tower of London that commands the highest house price premiums when compared to the wider borough.

Foxtons analysed current house prices in postcodes boasting 20 of the capital’s most famous brandmarks*, from the Cutty Sark to St Paul’s Cathedral, before looking at how the cost of living close to these brandmarks compares to the wider boroughs in which they are located.*

Foxtons is London’s #1 estate agency brand, both in terms of market share and growth of new instructions*. Foxtons’ property experts have an unrivalled knowledge of the capital’s property market, understanding how the value of a home differs from one postcode to the next, as well as the features that make each postcode desirable to potential buyers.

The research shows that when it comes to the most prestigious London brandmark from a property value point of view, it’s the Royal Albert Hall that sits top. The SW7 postcode, home to the Albert Hall, is also currently home to an average house price of £1.8m.

The prestigious Park Lane sits second with the average property in the W1K postcode commanding £1.7m, while Westminster Abbey (£1.67m), Regent Street (£1.62m) and Piccadilly Circus (£1.62m) also rank within the top five most expensive London brandmarks where property prices are concerned.

However, when it comes to the brandmark where property values command the largest premium, the Tower of London tops the table. With an average house price of £1.53m across the EC2N postcode, house prices surrounding the Tower of London come in some 222% higher than the wider borough of Tower Hamlets.

The SE19 postcode, home to The Shard and Shakespeare’s Globe Theatre, boasts an average house price some 177% higher than the wider borough of Southwark.

The Royal Albert Hall does rank third in this respect, with house prices in the SW7 postcode some 93% higher than the wider borough of Westminster, while property values surrounding the London Eye and Park Lane also command hefty premiums versus their wider boroughs at 81% and 77% respectively.

Foxtons CEO, Guy Gittins, said, “For most, sought after amenities include a mix of commutable transport links, nearby supermarkets, or great educational institutions. However, for those purchasing at the very top end of the London market, living within close proximity of a famous London brandmark can also be a huge selling point in itself.

London living is as much about lifestyle as it is the property you purchase and so for most, a home within a stone’s throw of such iconic locations as St Paul’s, Buckingham Palace, Piccadilly Circus or Park Lane is a must.

Of course, such properties don’t come cheap and not only will they cost you a considerable amount, they are also likely to command a hefty premium when compared to the wider boroughs in which they are located.”

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