To mark our new monarch’s birthday this weekend, Nested, the modern estate agent, has analysed road names across the nation that are fit for a king, revealing that on average, they come in 20% more affordable than the rest of the housing market.
Nested analysed the last 12 months of Land Registry price paid data for homes to have sold on roads whose names contain a nod to the King, finding that the average house price across them all comes to just under £250,000.
Despite the Royal connection, this is actually 20% more affordable than the national average across England and Wales.
Homes on roads whose names contain the word ‘King’ have seen by far the highest number of transactions of all Royal names featured in the study with 4,344 transactions over the last year.
However, it is road names that contain the word ‘Palace’ that command the highest price with the average home costing £475,000, 37% above the national average.
Road names containing the word ‘Royal’ also command an above-average price over the past 12 months, but only marginally. At £300,000, the average price currently sits 0.2% above England & Wales.
The remaining road names – Throne (-47%) Charles (-44%), Gift (-33%), Monarch (-23%) Castle (-16%), and King (-7%) all offer a more affordable route onto the property ladder when compared to the wider average across England and Wales.
Alice Bullard, Managing Director at Nested, the modern estate agent said, “Who would have thought that turning your property search to a Royal road name would result in a more affordable property price tag?
It’s long been common for roads to be given aspirational road names, and with the frequency of big Royal events that we’ve had in recent years, it’s likely that lots of newly created roads have been named in honour of those occasions.
This will include affordable areas, and affordable developments in more expensive areas, many of which will have come up for sale for the first time in the past year. Perhaps this explains such princely affordability?”
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