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‘Downton effect’ adds £41,000 to property prices

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
18/09/2015

Houses close to stately homes have seen prices rise dramatically in the past decade, research has shown.

Market analysis conducted by Halifax found the typical property near a stately home had increased in price by £746 per month for the last 10 years.

The popularity of historical dramas such as ITV’s Downton Abbey was highlighted as a reason for these price rises. Houses close to these properties are worth an average of £41,000 more than similar properties in neighbouring areas.

Halifax said in May 2015 the average house price in an area close to a stately home was £319,203, compared to an average of £277,990 elsewhere – a premium of £41,213 (15%).

Across the UK around 76% of postcode areas with stately homes have higher house prices than those without.

Properties near Kenwood House in Hampstead Heath, London currently command the highest premium of £770,023 (120%). Beyond southern England, Knutsford in Cheshire saw the biggest price premiums thanks to stately homes.

House prices in these areas have increased more than twice as fast as the national average. Average price growth near stately homes has been £89,506 compared to £39,311 elsewhere.

Martin Ellis, housing economist at Halifax, said the data showed properties in desirable areas had seen prices rise much faster than average.

“Stately homes are not only attractive place to visit but, as our research shows, desirable places to live near to,” he said.

“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.”


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